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Managing your money after a divorce

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Summary

In the latest of our series of articles about ‘windfalls’ – looking at good and bad life events that can lead to a lump sum – we cover handling your finances following a break-up.

2 min read

Divorce can be a very delicate topic and difficult to discuss with your bank. But it can mark such an important change in your life that it’s vital to get your finances in order as efficiently as possible.

That’ s easier said than done as a break-up can involve thinking about things you haven’t had to consider for decades – or ever. You might need to move house, arrange a pension or think about paying school fees or other bills which your other half previously managed.

You may also come into some money as a result of the divorce and need to put that lump sum to work over the long term – into retirement and beyond.

Even when a marriage ends amicably, separating two different pots of money and assets which have been entwined for years can be extremely difficult.

Coutts Private Banker Dennis Howard says getting the basics right can be the first step towards feeling confident about the future.

“There can be a lot to think about all at once after a divorce. It can effectively involve starting from scratch,” he says. “Every divorce is different and you won’t necessarily know what’s going to happen for some time. This can create a great deal of uncertainty.

“But if you have the right level of support from your bank in a confidential environment where you feel safe, you can start moving forward quickly. It can really help to have all your banking and wealth management services in one place to keep things straightforward.

“Having one person you can speak to about all your financial arrangements can relieve a lot of stress at a challenging time.”

Coutts has experience of working with clients who find themselves in challenging divorce situations, and can provide a range of services and advice with complete discretion to help you move forward after a divorce.

“Having one person you can speak to about all your financial arrangements can relieve a lot of stress at a challenging time.”
Dennis Howard, Coutts Private Banker

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Dennis says, “Getting a divorce is not just a wealth event, it’s a life event. Coutts holistic, personal approach to banking, and the extensive range of services we provide across the financial planning spectrum, mean we can help keep the financial side of things safe and simple.”
 

Planning for the future

When it comes to putting any lump sum to work for years to come, our investment services could be an effective way to grow and preserve your money. Whether you want to leave it to our experts to decide for you or simply invest online in a few clicks, we have a range of investment products designed to meet your individual needs.

Our team of experts follow a robust process when managing your portfolios and funds, making well-informed decisions based on the latest data and research. It’s always worth remembering though that investment comes with risk. The value of investments can fall as well as rise and you may not get back the amount you put in.

Having previously covered bonuses, pensions and lottery wins, the next article in this ‘windfall’ series will look at the topic of inheritance. Find out more about wealth management at Coutts. And for more information speak to your private banker.

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Having the right level of financial support all from one place can be a big help when going through a divorce. Coutts can provide you with the help you need to move forward across a wide spectrum of financial services.

About Coutts Investments

With unstinting focus on client objectives and capital preservation, Coutts Investments provide high-touch investment expertise that centres on diversified solutions and a service-led approach to portfolio management. Our investment process is as disciplined as it is creative – ensuring tailored solutions with robust results.

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