Last week saw the screening of the last episode of the BBC’s “The Split.” A fictional series about London law firms and how they deal with wealthy clients who want a divorce. We’ve spoken to many who have been enjoying the drama and are pleased to hear there will be a second series.
The drama highlights many of the issues that Magenta experiences regularly with clients when relationships break down and divorce or separation becomes inevitable.
There are some similarities with the Magenta Planning team in that we are all women, but we have a great deal more empathy than the fictional lawyers seem to have when faced with clients who are devastated by their loss and suffering real grief and fear of the future.
Whilst of course it’s a little sensationalised, the series shows how solicitors can be ruthless in getting the best “deal” for their clients – no doubt this will leave many family lawyers cringing, since, in fact only 5% of divorce cases go to court and the best lawyers will ensure that they don’t!
The drama also highlights some other very important things that we see when handling divorce cases, including family strains, financial pressure points, secrecy and grief. Divorce is a stressful and unsettling event and sadly, it often brings out the worst in people.
A major relationship is ending, all sorts of routines are upset, and in the midst of the stress of transition there are legal hoops to jump through before things can be resolved. Add in the volatile emotions that are frequently associated with divorce and you have a very difficult situation.
A divorce or breakup can be extremely painful because it represents the loss, not just of the partnership, but also of future dreams and commitments. Romantic relationships begin with excitement and promise and when a relationship fails, we experience profound disappointment, stress, and grief.
About 25% of people who divorce are now over 50. In fact, this is becoming so common that it has been coined the “Silver or Grey Divorce” where pensions in particular become a bigger consideration of the divorce process.
As financial planners we understand that, when facing divorce, (whether you are the instigator of the split or not,) you may need initial guidance and someone to talk to especially about one of the main concerns – the division of financial and other assets.
Whilst we didn’t time it this way, the program has coincided with the launch of Magenta’s latest toolkit – the Divorce Toolkit – which provides guidance and some initial steps you should take or consider if you are thinking about a divorce.
Getting financially well organised BEFORE seeing a solicitor is always a good idea and of course we can help. But don’t worry, if you have already seen a solicitor, we have time to help you with the financial split and the expertise to work with your legal team.
If you find yourself in this position, download our Divorce toolkit and call us for a friendly chat – we know how you feel emotionally and will help with the painful practicalities of separation.