In our weekly series, readers can email any questions about their finances to be answered by our expert, Rosie Hooper. Rosie is a chartered financial planner at Quilter Cheviot and has worked in financial services for 25 years. If you have a question for her, email us at money@inews.co.uk.
Question: I am going through a divorce with my husband and although I feel he would give me a fair split I am not sure how to evaluate it. How do you know if the money being offered is enough and will last my lifetime?
Answer: It’s encouraging that you and your husband are able to approach this constructively. Reaching an agreement without a lengthy dispute can make an already difficult period much easier to navigate.
However, one of the challenges with any divorce settlement is that agreement and understanding are not necessarily the same thing. Two people can genuinely believe a proposal is fair without fully appreciating what it could mean for each of them years down the line.
The first question is whether the settlement itself is appropriate. The second is whether it will support your future financial needs. They are related, but they are not the same thing.
Many people naturally focus on the headline value of the assets being divided. In reality, what matters is what those assets are capable of delivering. A pension, a savings account, investments and equity in a property may all have similar values on paper, but they serve very different purposes.
For example, keeping more of the family home may provide security and stability, but it can also leave you with much of your wealth tied up in an asset that does not generate income.
Equally, a pension may be incredibly valuable for your future retirement but may not help if you need access to money sooner. Investments can provide flexibility and growth, but their value can rise and fall over time.
That is why evaluating a settlement is often less straightforward than simply comparing figures on a page. You are really trying to understand how different assets could support your future needs, including housing, income, flexibility and longer-term financial security.
This can feel especially daunting if your husband has traditionally taken the lead on investments, pensions or long-term financial planning. In many marriages one partner naturally becomes more involved in the finances than the other.
When a relationship ends, the less financially involved spouse can find themselves making significant decisions without feeling fully equipped to assess the trade-offs.
A good starting point is to think about the life you want your settlement to support. Consider your likely living costs, future housing arrangements, any ongoing support for children, your retirement plans and the financial cushions you may need for unexpected events.
Once you have a clearer picture of your future needs, it becomes much easier to evaluate whether a proposed settlement is likely to meet them.
Pensions deserve particular attention because they are often among the largest assets in a marriage, yet they can be overlooked in favour of more visible assets such as the family home. Decisions made around pensions can have consequences that may not become apparent for many years, so it is important to understand what is being given up and what is being gained.
Many people find it helpful to work through different settlement options before making a final decision. The value in this is not finding the perfect answer, but understanding the implications of different choices and identifying potential risks or gaps.
This is an area where a financial planner who specialises in divorce can often help, by assessing how different settlement options may affect your income, lifestyle, and financial security both now and in the years ahead.
I would also encourage you to seek appropriate legal advice before anything is finalised. Even where couples reach an agreement themselves, it is important to ensure that any settlement is properly documented and legally binding.
Ultimately, this is not about questioning your husband’s intentions. It is about making sure you fully understand how any proposed settlement could affect your future. Having that clarity can provide both financial confidence and peace of mind as you move on to the next stage of your life.
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