Can you relate to this story?
You have been married for many years and have children and your own home. Then, in a very short period, it’s all gone. Your family unit, as you knew it, is gone. Your former life partner has a separate life and half of your assets have disappeared. Life as you knew it has changed forever.
Anyone who has been through this experience can tell you, separation and divorce is an emotionally draining and difficult process. At the time you really wonder how you will ever get through it.
But you do get through it. You survive and move on with your life. However, once you come to terms with your new life, you are faced with another significant challenge. You have to start over financially.
By now, however, you are past 40 and realise that time is not on your side. You may have to buy a new home and your retirement savings may be significantly depleted. How will you possibly correct this situation before you retire?
Here are a few suggestions based on personal experience:
Protect your assets. As you know by now, when relationships go wrong, your assets are at risk. Entering into a new relationship will complicate the matter further, especially when a new partner has children from previous relationships. Think through these issues in advance and work with a solicitor with both family law and estate planning expertise. You both will probably bring assets into the new relationship and should discuss and plan how these should be treated in the event of death or separation and divorce.
If this story resonates with you, why don’t you give us a call? We can help you make your starting over a more positive experience.
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