Some basic advice please
Posted By: SB on 20/08/2023 at 16:34
Made contact with the Financial Consultant now and just about to fill in the forms so that he can make some recommendations. One question is “Objectives” and I’m not sure what to write apart from the obvious that I want to be financially secure for the next x years and I do plan to earn some money. Any suggestions?
Also to stay in my house I need to earn some money to pay the bills or make it pay. I’ve thought of doing B&B and maybe hosting retreats/workshops. FC has asked if I can give him a rough figure of how much that might bring in so he can use it for his calculations. That’s pretty impossible I’d say – but what can I tell him?! Thanks Suzy
P.S. Re. getting a Solicitor. Once you have both agreed on the financial split, then assuming that's via mediation, there will be a clear summary (a Memorandum of Understanding) which a solicitor can then turn into a Consent Order (this can be done most affordably using this company: <a href="https://www.paidonresults.net/c/29703/1/388/0/divorce-services/consent-order-services/clean-break-consent-order-service/" target="_blank">https://www.paidonresults.net/c/29703/1/388/0/divorce-services/consent-order-services/clean-break-consent-order-service/</a> ) This is for a Clean Break (no ongoing spousal payments). You should be able to get a 10% discount if you use the code SOS23 Ideally use solicitors who are part of the Amicable Divorce Network - or at least trained as mediators/collaborative lawyers - so they won't try to unpick your agreement. It can happen. Amicable Divorce Network UK link is here: <a href="https://bit.ly/ADN-UK" target="_blank">https://bit.ly/ADN-UK</a> When there is quite a lot of money/property at stake, it's best to get independent legal advice each (different lawyers) to 'stress test' your agreement, ask a few questions, so the court knows you both are fully aware of what you have agreed to, and won't be trying to change it at a later date. Then you can submit the final consent order yourself online, or through the company I linked to above as part of their package.
Suzy Miller
My suggestion is, to be really clear on those objectives. Whether it's a few sessions with a life coach or creating a vision board for the fridge - this is the time to focus on your aspirations. Your real wants - not just 'make do'. If the finances don't allow for the full monty - no worries - work with what you have, but aim for what you really want. Long term. Don't just see the financial settlement as a way to cut ties and get out. What you want long term will not only impact your financial plan, but it may significantly impact what you want to agree on as part of the financial settlement. Re. AirBnB and workshops - neither are solid income. Is there a part-time job you can get easily that will ensure you cover the bills? Then AirBnB and workshops can be holidays - not food and a roof over your head. By having a larger settlement up front - possibly forgoing some pension - will that make the running of the property easier to manage? And then what you lose in the pension is regained if you sell up later on? Don't feel you have to decide one single route. Use the financial planning to test out different ideas.
Suzy Miller