Advice firm Longhurst has launched a specialist advice service for couple who are divorcing.
The service, named Clearpath, will include advice and support for divorcees and their lawyers, on matters such as pensions sharing, financial disclosure, tax planning, investment management, and mortgage capacity.
The service will be overseen by Resolution accredited financial planner, Steven Hennessy, following his move to the firm last year.
Chris Broome, director at Longhurst, said: “I’m delighted that we can now reveal our latest service to our regional and business communities.
“Steve brings a wealth of experience to the table which, when combined with Longhurst’s award winning client engagement process, means we can now add real value to those going through a divorce or separation.”
The firm said through its service it is able to work with clients directly at their pace, as well as collaborate with their other advisers, such as family lawyers, mediators, family therapists, and actuaries.
The advice will cover all areas of financial life including income and capital needs now and in the future, lifestyle ambitions, family and legacy ideals, and later life expectations.
Divorces can be stressful and costly and advice can be invaluable to people going through the process.
In a testimony on Clearpath's website a client told of how they were "terrified of making the wrong decision" which often led to "periods of being absolutely paralysed by fear" but which eased as their knowledge and understanding improved.
Women's finances in particular are at risk, as research from Legal and General earlier this year (January 4) found more than a quarter of women would give up their pension rights as part of a divorce compared with 19 per cent of men.
L&G warned women were likely to see their household incomes fall by a third in the year following their divorce, almost twice as much as men.
This could be because women are typically paid less, with 74 per cent of men likely to be the primary earner.
At the end of last year, FTAdviser reported divorces involving international couples are expected to become more complicated, with some individuals left worse off under new rules.
The rules, which came into force from December 31, mean that if divorce petitions are filed in two different jurisdictions the country with which the parties have the strongest links will hear the divorce case.
Law firm Boodle Hatfield warned this could see lengthy cross-border disputes over which jurisdiction is the most appropriate in international cases and could as a consequence result in higher costs for many couples.
amy.austin@ft.com
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