The managing director of Cornwall-based Jacksons Wealth Management, said while people were comfortable talking about the need for life insurance or putting in place a power of attorney, they shied away from planning for divorce.
He said: “I understand why, of course: “Well, darling, let’s crack open a bottle of Merlot and talk about what’ll happen when I leave you” – that’s no way to begin.
“But like anything, careful planning can make an already difficult and traumatic experience that little bit less painful. Money is a huge source of relationship difficulties anyway.”
Mr Matthew said the best way to prevent the financial trauma of a divorce was to form a financial team with your partner, discussing the family’s financial affairs regularly and constructively.
He added: “Prevention is the best cure, always. But if you’re thinking that there is likely to be a separation on the cards, you need to know the things you need to be thinking about as you head into it.”
Paul Gorman, financial planner for Birmingham-based The Beaufort Group, said: “I have come into contact with many divorced clients who I felt had got a raw deal. I was also doing a lot of work in pensions. I started to look at how I could get involved with this area more and have developed relationships with family lawyers.
“Children have to be the primary focus. Following this you need to consider the family home, the general finances, assets, liabilities, pensions, income, continuing income post-divorce and how you can work together post-divorce. A whole series of things come into play and it is a case of looking at these things as an adviser.”
