How a financial planner and solicitor can work together during a divorce

Marika Franceschi: Once appointed, I arrange a joint meeting with the client and financial planner. Clients are often feeling vulnerable and need to feel comfortable and build that trust with us. It’s good for them to see us as normal people they can confide in. 

Taina Moran: I gather details of assets, income and expenditure. It often becomes a financial education, especially around pensions. My role is to explain clearly what everything means in plain English, not jargon.

Marika Franceschi: In the past, solicitors often handled this alone and referred clients afterwards. That has changed for the better. Involving a financial planner early makes a significant difference, because clients who understand their options generally make better decisions.

Marika Franceschi: Clients often feel a loss of control and a lack of certainty. I focus on explaining their rights and options, so they understand they are in control of the process. You can physically see the difference in people when they hear this and they realise the divorce is not something that is just going to ‘happen’ to them.

Taina Moran: I always think with divorce, having been through it myself, it feels as though you’ve had your head taken off, put on backwards and you’re then expected to walk forwards. With so many emotional questions surrounding things like children, we help bring clarity by focusing on the facts and figures and manage the emotional load of our meetings. 

Taina Moran: Through cashflow modelling, which shows how your future finances might look. A settlement figure on paper means little without context. 

We help answer:

• How much can I spend?
• When do I need to work?
• Can I afford a home?

This shows whether a fifty-fifty split is fair or if more is needed.

Marika Franceschi: We advise on the legal process, whether mediation, collaboration or negotiation. Few cases actually go to court. A financial planner can work within any route, but the solicitor guides the process. 

Marika Franceschi: The majority of clients are not aware of the range of options available to them and because of this, most of them fear the worst. Many expect a battle and are relieved to hear there are alternatives. In a collaborative approach, all of the professionals involved, including the financial planner, also sign up to the agreement that the case will not go court.

Taina Moran: I would agree that the majority of clients aren’t aware that I can work with their solicitor and the benefits of me doing so. Having said that, I’ve had a couple of my existing clients who have recently come to me before they’ve gone to a solicitor. I always say the finances should not hold you back from making the decision if the marriage is over. 

Marika Franceschi: Financial planners are essential for pensions, tax efficiency and structuring settlements properly. When it comes to dividing pensions efficiently, a financial planner is not only beneficial but absolutely essential. They see value and risk that solicitors may not.

In collaborative cases, we work as a team, giving clients a complete legal and financial view.

Taina Moran: That’s absolutely true. My job is to make people feel in control of their finances and I have really long relationships with a lot of my divorce clients. I have ongoing reviews with them to check they have enough money in cash and that they are building up enough in their pension for their retirement. 

Marika Franceschi: Bringing a financial planner in too late can lead to poor long-term decisions, such as keeping a home that is unaffordable. A financial planner puts the settlement into long term context. Working together ensures clients understand their rights and make informed choices about their future.

Taina Moran: Avoiding advice to save fees can cost more in the long run. Detailed cashflow evidence can justify a stronger settlement and even speed up agreement.