Legal & General Retail has released a handbook designed to equip advisers with the knowledge to assist clients undergoing divorce later in life, ensuring equitable distribution of assets like pensions and property.
Titled ‘Divorce in later life: the expert’s handbook’, it comprises insights and practical guidance to aid advisers in their discussions with clients. The handbook is part of a broader initiative, available for free on Legal & General’s new Divorce Hub webpage, which also features current research on financial fairness in divorce, product resources, and podcasts tailored for advisers.
This initiative responds to findings that a mere 12% of individuals over 50 sought financial advice during their divorce, leading to potential long-term financial repercussions. Forty-one percent of divorcees felt their settlements were unfair, highlighting the need for expert financial guidance.
The handbook provides a detailed framework for enhancing the advisory process to better client outcomes, from initial legal consultation to the conclusion of the divorce proceedings. It includes contributions from Legal & General Retail leaders, industry experts, and advisers on the importance of financial advice in divorce scenarios.
To further this effort, Legal & General Retail will host an interactive panel on Tuesday, 26th March, featuring pensions specialist Professor Debora Price and Legal & General Retail’s distribution leaders. The session will delve into the latest research on later-life divorce and explore the client advice journey.
David G Jones, distribution director at Legal & General Home Finance, emphasized the importance of seeking financial advice during divorce to safeguard future financial stability. “Divorce may be the best decision for a couple, but it can significantly impact later life plans if proper financial advice is not sought,” he said, noting the scarcity of divorcees consulting financial advisers.
Cecilia Furner, distribution director for Retail Annuities at Legal & General, pointed out the often-overlooked value of pensions in divorce proceedings. “Despite many people seeing their retirement lifestyle negatively impacted in divorce, pensions are one of the most overlooked assets in the process,” she explained.
