Legal & General Retail has recently introduced a valuable tool for financial advisers to better assist clients navigating divorce in later life. The objective of this initiative is to ensure a just and equitable division of assets, including pensions and property, for couples undergoing this challenging process. The handbook, titled ‘Divorce in later life: the expert’s handbook’, has been developed to provide advisers with valuable insights and practical step-by-step guides to facilitate meaningful discussions with their clients.
This resource is easily accessible as a complimentary download from Legal & General’s newly established Divorce Hub webpage. Alongside the handbook, the webpage also offers the latest research findings on financial fairness in divorce, product resources, and informative podcasts tailored for advisers.
Recent research conducted by Legal & General revealed that only 12% of individuals over the age of 50 who had experienced a divorce sought financial advice. Alarmingly, 41% of respondents felt that the outcome of their divorce was unjust. In response to these findings, the handbook has been created to serve as a comprehensive roadmap for advisers, guiding them on how to enhance the advice-giving journey and ultimately improve client outcomes. It covers the entire spectrum of the divorce process, from the initial stages of seeking support and legal advice, right through to the final order concluding the divorce.
David G Jones, the distribution director at Legal & General Home Finance, emphasized the importance of seeking assistance from a qualified financial adviser during divorce. He expressed concern over the significant portion of individuals who do not seek professional advice during the divorce process.
Cecilia Furner, the distribution director for retail annuities at Legal & General, highlighted the often-overlooked significance of pensions in divorce proceedings. She emphasized the crucial role of financial advice in helping individuals carefully consider their pension options, ensuring that both parties are left with the best possible financial situation as they begin a new phase of their lives.
The Expert’s Handbook represents a significant contribution to the changing landscape of financial advice, particularly in the context of later life divorce. Its vital role in guiding advisers to provide meaningful and impactful support to their clients cannot be overstated. By utilizing this resource, advisers are positioned to address the complexities inherent in divorce proceedings, ultimately working towards fairer financial outcomes for all parties involved.
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