Legal & General Retail has introduced a handbook to help advisers support clients going through divorce in later life and drive fairer financial outcomes for separating couples when dividing assets, such as pensions and property.
The ‘Divorce in later life: the expert’s handbook’ features insights and step-by-step guides to support advisers in conversations with their clients. The guide is available as a free download from Legal & General’s new Divorce Hub webpage, which also includes the latest research into financial fairness in divorce, product resources and a ‘Just Covered’ podcasts for advisers.
The resources have been developed following recent research into later-life divorce which showed that only 12% of divorcees over 50 consulted a financial adviser, which can have long-term financial implications. 41% felt that the outcome of their divorce was not fair.
The new handbook includes a roadmap on how to enhance the advice journey to improve client outcomes, from the moment the client seeks support and legal advice, to the final order of when the divorce process is concluded.
It includes insights from Legal & General Retail business leaders, industry specialists and advisers on the value of financial advice in divorce.
To support the launch of the guide, Legal & General Retail is hosting an interactive panel discussion with industry experts including pensions specialist Professor Debora Price and distribution leaders from Legal & General Retail on Tuesday 26 March. The panel will discuss insights from the latest later life divorce research, as well as the advice journey for clients.
David G Jones, distribution director at Legal & General Home Finance, said: “Divorce may be the best decision for a couple, but it can significantly impact later life plans if proper financial advice is not sought. Assistance from a qualified financial adviser is crucial to ensure all assets are divided fairly but, according to our research, too few look for advice during the process.”
Cecilia Furner, distribution director, retail annuities at Legal & General, added: “Despite many people seeing their retirement lifestyle negatively impacted in divorce, pensions are one of the most overlooked assets in the process. This is why financial advice is crucial. A financial planner will help their client to take a holistic view and analyse the options for dividing their pensions, leaving both parties with the best possible financial situation to enter a new phase of their life.”