man thinking about divorceFirst of all, going through a divorce is never easy. However, taking sound independent financial advice early on can make a real difference.

For example, a split where one party gets the home and the other get the cash and investments may seem fair at first. However, the fall out may be that one party is tied to a property which may not provide any income. Ideally, we as, financial advisers should be involved as early as possible in the divorce process. We can help divorcing parties gain an understanding of the potential impact of any proposals and help both parties make informed financial decisions.

A Lifetime Mortgage may be a solution?

A Lifetime Mortgage may help one party stay in the family home. There are often cost advantages to this. It can avoid stamp duty and removal costs for the person who remains in the home. It can also create less upheaval both physically and emotionally. Also, this could provide valuable emotional security and continuity for the person who remains in the home. Furthermore, grown-up children and their families could still have access to the ‘family home’ and will still be able to visit.

A Lifetime Mortgage could be used to ‘buy out’ the other partner, providing part or all the funds required to secure alternative accommodation.Home of Equity Release Council help with divorce

Lifetime Mortgages could be an option to help you access additional money to help in retirement. One party may have been granted a larger share of capital assets through the divorce process. Also, they may soon then realise that they need more income. There may be an unforeseen expenditure, such as a leaking roof or unplanned car repairs. Such expenditure can present a financial burden on a single-persons household budget. A Lifetime Mortgage could provide access to additional funds. Remember that the money released is free of tax.

Any Lifetime Mortgage will need to be part of a much broader financial planning discussion with us. Above all, remember that the loan is secured against your home. Interest is charged on the total loan amount plus any interest already charged, and the amount owed grows quickly and reduces the equity left in the property. A lifetime mortgage will reduce any inheritance and may affect entitlement to State Benefits. So, it’s important that you consider other options to borrow money which may be more cost-effective.

How we can help you with your divorce.

Entering into an equity release plan could change your life for the better, but as it is a long-term financial commitment, it is vital that you take professional independent advice. We are Independent Financial Advisers and members of The Equity Release Council. We are registered with the Financial Conduct Authority.

There are many factors involved in equity release and the process may seem complex and time-consuming. Above all, our expert team of independent advisers will support you at every step and do most of the work for you. Simply contact us and we can guide you through the process from start to finish.

Why not contact us today to see how we can help you. The first meeting is at our expense and without obligation. Meetings can also be arranged at a time and location that is convenient for you. This may be at your home or at our office located at-arrange a call back logo for divorce advice

Also, our team live and make use of meeting rooms in-

Finally, these products are Lifetime Mortgages. Equity released from your home will be secured against.