A VERY BRITISH SCANDAL

TODAY’S BLOG

A VERY BRITISH SCANDAL

There is no Downton Abbey Christmas special, but if you enjoy a period drama vaguely based on events then Boxing Day offers up A Very British Scandal. Obviously, I have not seen the production, it has some top-drawer stars and is likely to be a hit for the BBC. So what has a period drama got to do with your financial planning? Well, it’s a story that has some useful messages. If I were a betting man (I’m not) I imagine that the focus will be on sex and power with a nod to things that have changed and some that have not.

I’m curious to learn if we ever witness the end of the story, or more accurately the end of Margaret Campbell, Duchess of Argyll who died in 1993 at the age of 80 and buried not many miles away in Brookwood Cemetery, Surrey. She would have been 109 this month!

Foy & Bettany - BBC A Very British Scandal

HIGH SOCIETY SCANDALS

However the story is retold by Sarah Phelps, it would be fair to say that the Duchess was a very wealthy individual, one whose life was full of high society life and celebrity. She was born to Scottish millionaire George Wigham who was Chairman of Celanese Corporation, still listed on the NYSE and possibly held in your portfolio (a tiny fraction). Her first marriage at the age of twenty was to American Investment Banker Charles Sweeny (23) whose family had a home locally in Wimbledon. Sweeny later went on to form the Eagle Squadrons of American pilots volunteering to fight in the RAF. It is alleged that the wedding dress designed by Streatham born Norman Hartnell caused such a stir in Knightsbridge that the traffic of the day was gridlocked for 3 hours. The couple divorced in 1947.

Her second and last marriage in 1951, aged 38 was to twice divorced Ian Douglas Campbell, the 10th Duke of Argyll and 9 years her senior (casting improved its actor age gap to 13 years). Suspicious of her infidelity the story unfolds in a scandalous divorce in 1963.

It will be interesting to see how the story is retold given its previous framing by men in power, many of whom it is alleged knew the Duchess very intimately. A decade or so later her memoirs “Forget Not” were published. Quite what happened thereafter is significant as the Duchess mismanaged her investments and finances (or someone did) and in 1978 at the age of 65 she had to sell her Mayfair home and elected to move into a suite at the Grosvenor House Suites. Unable to pay her bills, aged 78 she was evicted in 1990.

PENURY – CASHFLOW EXHAUSTED

Whatever one’s view of the Duchess and the blatant hypocrisy of various powerful men, there are obvious lessons about choices and financial management that need to be remembered. Appearance is often not reality. How people say they live and how they actually live are often rather different. This is a familiar story, as old as storytelling itself. Your financial plan needs to be robust enough for changes in your circumstances, but a great financial plan has considered and will continue to address the issue of an affordable lifestyle.

Claire Foy and Paul Bettany star in the BBC’s “A Very British Scandal” a 3-part drama starting on Boxing Day 2021 at 9pm. It will be shown on consecutive nights, but all three as a “box set” are also available via the BBC i-player from 9pm on Boxing Day. Here is the official BBC trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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A VERY BRITISH SCANDALDominic2023-12-01T12:12:58+00:00

PENSIONS AND DIVORCE

TODAY’S BLOG

PENSIONS AND DIVORCE

In 2020 something like 10,500 people shared their pension as part of divorce settlements. Obviously, those finally settling in a divorce last year are likely to have started the process before 2020, so the impact of pandemic lock-ins on marriages is not yet observable with data.

Pensions used to be a regarded as pretty dull, often a “last on the list” of a divorce, but of course their value has been greatly underappreciated.

As global equity markets have risen, the value of a pension fund has also reflected this (or should have) and they have become an increasingly important asset in divorce settlements, second only to the family home.

If you do receive a spouse’s pension as part of a divorce settlement, it would be wise to make some contributions to your own personal pension rather than using for using it for day-to-day expenditure. As the value of pensions has surged in recent years it has become much more difficult to use spare cash to buy an ex-spouse out of their share of a pension. This is a major reason for 2020s high number of split pensions in divorces.

TWO WAYS TO LEAVE YOUR LOVER

There are two different ways that a pension can be shared in a settlement. Firstly, a Pension Sharing Order will mean a direct transfer between one pension pot and another. The second, a Pension Attachment Order will mean the pension pot remains in the same hands as before, but the income derived from it is split.

Sadly, in an understandable attempt to save money many have turned to DIY law and divorce is no exception. Where settlements are undertaken without legal representation, is often likely to create problems. This is because agreements made today may be reopened tomorrow if paperwork is filed incorrectly or is incomplete.

58% TRY A D-I-Y DIVORCE

Naturally, this is more likely than when professional lawyers are involved in proceedings. The caution expressed is warranted because these DIY divorces accounted for 58 percent of all divorce settlements in 2020/21 according to the Ministry of Justice. A striking example of the problems that may arise after DIY divorces came in 2016 when a successful green energy entrepreneur was ordered by the Supreme Court to pay his ex-wife £300,000 years after their split. This was the case because both parties had earlier neglected to waive the right to make more claims against each other. While not so bad for the party receiving £300,000, many may be startled to realise that they may be vulnerable to such claims themselves if they went through a DIY divorce.

I certainly sympathise with the intention to save money, but there is a good reason why there are professionals. DIY is not without significant risks and complete responsibility.

That said, I remain confounded by the lack of attention to cashflow modelling in a divorce settlement. It would make the agreements easier to achieve with clarity about the needs of each party.

If you have a friend that is contemplating divorce suggest they get a proper cashflow done for them. You know where I am!

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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PENSIONS AND DIVORCEDominic2023-12-01T12:13:03+00:00

UNCOMFORTABLE HOME TRUTHS

TODAY’S BLOG

DENIAL IS MORE COSTLY THAN THE TRUTH

Lockdown has been hard for many people. Freedom takes many forms and the freedom that most of us have taken for granted is the ability to meet other people and get out of the house for a change of scenery. Many have found the constant presence at home has exposed some difficulties within a relationship. Some have had their thoughts confirmed, for others this may be an acknowledgement of a truth that has so far been successfully avoided or navigated. The divorce inquiries to law firms is reportedly up 42% for the lockdown period when viewed against the same time 12 months earlier.

Tom and Rose – How Not To Get Divorced

As this is therefore rather topical, I think it worth drawing your attention to a real couple from London. I will call them Rose (50) and Tom (53) who had been married for over 20 years and had 3 children (21, 19 and 14) were divorcing. Proceedings began in 2018, sadly their divorce, which concluded in May 2020 (on Zoom) escalated fairly quickly.

Rose was a minor shareholder in her parents two family businesses. One business was a recruitment company providing staff to the care sector, the other was a care home. Rose was essentially a sleeping partner in both businesses, but Tom had become the Managing Director of the Care Home in 2005, this ceased once divorce proceedings began.

Keeping Up Appearances

The couple had a very comfortable lifestyle with an annual spend of over £100,000. They lived in a 5-bedroom house in London. Rose wanted to remain in the family home but could not raise additional finance to provide Tom with his share of the equity (£350,000). The reality is that they lived beyond their means, Tom ran up credit card debts of £122,000 and both had soft loans from family members. The marital home was sold and both had to rent. The Recruitment business began to see a fairly significant drop in income, from £9.5m to £8.1m, but on the face of things a very viable business. However, when coupled with the personalities involved and allegations of misdemeanour in his role as Managing Director, this has the sense of a perfect storm.

Where has all the money gone?

As allegations about Tom were made, this added to the legal knots that they then managed to create. Anger and resentment continued to fan the flames of “he said, she said”. In the end, aside from their pensions (not yet available) and the notional value of shares in the family business, the legal fees left both with liquid assets of £5,000 each. You can see a rather good summary of the case here.

There are lots of lessons here, family businesses are more exposed to the knock on effects of marital problems. Overspending and a lack of communication about it between the couple is rarely good for any marriage. Reliance on funds from family members, parents in particular makes for further uncomfortable relationships. Finally, if you find yourself in a similar position, agree terms fairly and avoid the name calling and point-scoring, it serves nobody well, in fact everyone loses.

The Uncomfortable Truth

When it comes to planning, as I have said many times before, we make lots of assumptions about the future, the biggest assumption we make about a couple is that they remain together (unless they communicate that this is unlikely). One of the problems of thinking about what you want from life is that you become aware of what you don’t want, for many that can be ending an unhappy marriage. That has financial consequences that we can make allowance for, but only if we are able to communicate truthfully. Divorce does not have to leave a huge financial scar, it can be settled well. I am not a marriage counsellor, I have been married for over 25 years, I am however pretty certain that Tom and Rose regularly failed to communicate well with each other, particularly about money. Denial of reality isn’t really my thing, it serves nobody well. A good plan will help you face some uncomfortable truths.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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UNCOMFORTABLE HOME TRUTHSDominic2023-12-01T12:13:17+00:00

On Chesil Beach

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On Chesil Beach

The new film On Chesil Beach of the book by Ian McEwan is now in cinemas. It will perhaps bring back some memories for anyone that married in the 1960s, with the period captured wonderfully. Set primarily in 1962, it is the story of a newly-wed couple Edward (Billy Howle) and Florence (Saoirse Ronan) who discover that they are unprepared for the intimacy of marriage.

At the time of the story, the “sexual revolution” of the 1960s had barely begun, indeed Penguin Books had only recently (November 1960) won their case to publish Lady Chatterley’s Lover. Despite the reality of millions of daily lives, Britain was generally rather poor at sex education. Edward and Florence lack any real understanding of each other intimately. The church would of course argue that a lifetime of marriage would gradually facilitate intimacy, whilst such an answer for many is workable, where trauma and intimacy collide, there is little comfort in glib answers. Florence offers a different option, one that Edward simply cannot face.

Sweet Sorrow?

Spoiler alert – the marriage does not last the day and is annulled. Unlike the book, we do not follow the characters much beyond the moment of decision on Chesil Beach. Decisions are made, tempers are lost, and parting was not a sweet sorrow.

In our contemporary society, relationships now take various forms, it was not until 1973 that the Matrimonial Causes Act made the case for divorce clear (beyond annulment). This despite all our somewhat hypocritical history about personal conduct in aspects of sexual intimacy and marriage. Henry VIII managed to get what he wanted and created the Church of England as a consequence. The law is flexible for those with power, as perhaps you noticed in the recent BBC dramatization about Jeremy Thorpe (A Very English Scandal).

Life can be Messy

The problem with most financial planning is that real life tends to get in the way and muck things up. Life is not nice, neat straight lines, well not for most. We might wish that everything was very each to model, but the truth is that it is of course complex, nuanced and on occasion vexing. One of the most significant aspects that will impact your financial planning will be your marital status. Any change in this will create an obvious need to review your plans, yet many don’t see past the Form E (financial statement required for a divorce) and to be blunt, I’m always surprised that lawyers do not wish all sides to undergo some basic (or complex) financial assessment with proper cashflow modelling for their new scenarios. Perhaps few have experienced the benefit of this.

In any event, life is messy. Sometimes we all need to make changes that we did not expect. This might be marriage, divorce, redundancy, addictions, debt… and so on, a plethora of possibilities that were not expected. So, I tend to get a little, well, dismissive of advisers who think that a cashflow plan is the done deal – the future is mapped out, life is now a beach…. I would be quick to point out the massive advantage of cashflow planning, we use it for all our clients, but it does have its short-comings and like anything else, garbage in, garbage out, but reading a forecasted future as anything other than an option would be unwise at best. We may all crave certainty, but there is none when it comes to living life. I advise all clients that the plan is not set in stone, it will be wrong, but it is today a very good guess about he future, based upon sensible assumptions that need regular reviewing.

The Unvarnished Truth

It is not a crime to admit things need to be changed. That your plans must alter, that is normal. What is a crime (in a sense) is pretending that everything is ok when it isn’t. You may never have a Chesil Beach moment, but may I propose that a relationship with a financial planner, requires honesty and the ability to listen, discuss and think together.

On Chesil Beach is now in cinemas, here is the trailer. I enjoyed the film, beautifully shot and poignant storytelling 7/10.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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On Chesil BeachDominic2023-12-01T12:18:03+00:00

Film Stars Don’t Die in Liverpool

I have been enjoying several films at the BFI London Film Festival. One that stood out for me was “Film Stars Don’t Die in Liverpool” which is adapted from the book by Peter Turner. It tells of the unusual relationship between a young Peter Turner and former film noir femme fatale, who most are likely to have seen but perhaps not remember – Gloria Grahame.

Grahame’s career in film began with a small part in “It’s A Wonderful Life” you may recall how George Bailey gives Violet Bick funds to escape the small town and make a name for herself elsewhere. She won an OSCAR for her role on The Bad and the Beautiful and performed with some of the leading lights of the 1950s.

In A Lonely Place

The film is based on her encounter and 2-year relationship with Turner, who she initially meets in London whilst back treading the boards. Then in her mid-fifties, divorced 4 times and surrounded in scandal she begins a relationship with Turner, who at 27 wasn’t even born when Grahame had completed work on The Bad and the Beautiful. We are shown brief insights into her chaotic world and the scandals that inevitably ended her career in film. Her last husband, Anthony Ray, was her stepson (from her second husband) and the marriage lasted from 1960 until 1974 resulting in two children.

A Woman’s Secret

The film implies that Grahame was pretty much financially ruined, appearing to possess a mobile home / caravan on the Californian coastline. Perhaps because of 4 divorces or a career that was cut short, or even because of illness, but clearly the glamour and glitter of her star had burned out. (Spoiler) Ultimately her life is cut short due to a recurrence of cancer, though this is fairly evident as the likely outcome from the start of the film, so I’m not really spoiling it for you.

Odds Against Tomorrow

There are some broad financial lessons here. The audience laughter at a scene where two pints of beer are ordered for 90 pence, was probably the loudest in a film that clearly isn’t designed to be funny; but the long-term impact of inflation is not really the most obvious lesson here. Fame that brings financial success can be very short-lived. Life as an actor can be very harsh. Divorce is financially expensive, but of course the toll on emotional reserves may also be overwhelming. Love and tenderness are often found in unexpected places and whilst care costs, it may not have a monetary price. In a world of appearances many are in danger of making similar “mistakes” or having similar experiences.

The Cobweb

Financial protection is a modern-day (or should that be post-modern?) wonder for those without capital – providing financial stability in the event of life presenting “challenges”. Running out of money isn’t as bad as running out of time, but it’s probably a pretty close race. A proper financial plan will help reveal where your resources are and what you can do to sure them up. It enables you to take a look at the future and make some adjustments in advance if you don’t like the prospects.

Here’s the trailer for the movie, which reunites Jamie Bell and Julie Walters, this time as mother and son, whilst Annette Bening gives a great performance as Gloria Grahame.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Film Stars Don’t Die in LiverpoolDominic2023-12-01T12:18:22+00:00

The Trouble With…

It seems impossible not to feel a sense of despair sometimes when you see, read or hear the news. When there are atrocities on our own streets or we see yet further mindless violence in countries with whom we have deep and long connections, the sense of despair is palpable. However bad or inept the reporting, I remain thankful that I live here in the UK.

I’m not alone in thinking that the man currently elected as President of the United States is simply not fit for the task. He is out of his depth and displays his evident lack on a daily basis. We have come, (well…I have) to expect very little from him.

Viva Espana?

Spain on the other hand, is a country that most of us know almost as well and the US. Our language barrier is possibly helpful as we tend not to make too many assumptions about each other. Yet I am struggling to understand what goes through the mind of a policeman in the Spanish Civil Guard who appears to enjoy stamping, beating and fighting anyone he deems to be “opposition”. The images that have crossed a multitude of screens are truly horrifying. Whilst the vote for independence may be “illegal” it is clear that a very significant proportion of those living in Catalonia do not wish to remain part of Spain.

Splitting Heirs

As an Englishman and a British citizen, I’m aware of the calls for devolution of power and potential independence of Scotland, Wales, Northern Ireland and perhaps Cornwall. This is unsettling to my sense of what is “normal” but of course the history of our own union is relatively recent and things were different before, much as they were in Spain, Italy, Germany, France, Prussia and so on… borders change. We do not keep the peace by pretending that all is well. We do so by listening to the perspective of the other. As in a marriage that reaches the point of irreconcilable differences, we need to acknowledge that sadly (perhaps) the best course of action is to separate and ultimately to agree to the new legal state of all parties concerned. This will have some genuine difficulties, just like a divorce, the division of resources and accounting for what belongs to who is painful. Those of you that have been through a divorce will understand this more pertinently than those that have not.

Head of State or State of Mind?

The suggestion that “the law” is to be upheld as though it is never altered based upon real experience is nonsense. The law is formed from experience and always evolves to reflect the changing nature of society. When a Monarch, President or Prime Minister fails to grasp the sense of unfairness felt by “their own people” preferring to support aggressive legitimised bullies, it seems to me only right to call them to account.

Ceteris Paribus

What has this to do with financial planning? We make assumptions about the future all the time. The biggest ones are those we don’t even verbalise – such as a relationship lasting. At my annual Institute’s Conference, last week, I expressed this view and to be honest, it didn’t seem to “land” with the small group that I was with. We talk of risk – typically investment risk, but also political and economic risk, occasionally the risk of health or redundancy, but rarely the risk of relationships ending. It is the elephant in the room with all couples, do we talk about the risk of irreconcilable differences?

I’m reminded of the saying “the pessimist complains about the wind, the optimist expects it to change, the realist adjusts the sails“.

Feedback welcome, but not for a debate on the issues of Scottish Independence or devolution, or even what’s going on “abroad”. We can only control a very small number of things, but our ability to face up to our assumptions is one of them. For the record, I “love” Britain, Spain, the US but I prefer human dignity over any flag.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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The Trouble With…Dominic2023-12-01T12:18:24+00:00

Bare Foot Obsession

There’s something terribly predictable about the new show to arrive at The Barbican. Obsession, staring Jude Law and Halina Reijn is the very familiar tale of old man, young wife, cuckolded by a visiting younger man. A storyline so old that even Chaucer may have asked “ Whyts newe?”… as it turns out, very little… even a few clumsy lines about being a beneficiary of the life assurance policy (for an unimpressive £50,000).

Once again audiences are treated to a minimalist set, which at The Barbican, feels like an empty expanse – which merely serves to underline the empty script. One can only assume that the bowling lane size TV screen that rises in the final sequence, must have consumed the entire budget. The Director, Ivo Van Hove seems somewhat obsessed with actors running barefoot across the stage and when not bare-footed, bare-chested which is not as radical as I suspect he believes. In truth, no amount of talented acting could really rescue this production, which feels and looks pretentious, carrying the gravitas of a sixth form script.

NT Live Obsession Landscape Listings Image International

Obsession-Halina-Reijn-and-Jude-Law-image-credit-Jan-Versweyveld-20

Coupling and Fracture

Whilst I’m not a relationship counselor, clearly most, if not all, relationships have periods of difficulty. Many, perhaps most, find a pathway through trouble, some do not. There are lots of assumptions made in financial planning, but making assumptions about current relationships over the next thirty years or so, clearly is problematic. That’s why it is important to express your values, not simply your goals for your life. Understanding, or at least, being aware of the differences in attitudes towards money, how its handled and what its for is fairly fundamental for most couples. Yet economic power, or the lack of it can wreck or enhance a relationship, depending on who you really are. A reality displayed regularly within various “media” who pick over the disintegration of any “celebrity” relationship.

So a decent financial plan will touch (carefully) on these issues, a really good one will help a couple to face areas of “non-alignment” and furnish them with thoughtful options. In drama, a bad script can sometimes be salvaged by good actors or direction, but not always. When it comes to financial planning, you write your own script and having an impartial observer can make all the difference to a worthwhile story.

The Car Man

As for “Obsession” it didn’t leave much of an impression. The dramatic tension left almost as soon as it arrived. If you wish to see a much better retelling of this story, without a script, I can thoroughly recommend the ballet, The Car Man by Matthew Bourne… a guy that knows a thing or two about storytelling without using words.

and here is the trailer for the play…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Bare Foot ObsessionDominic2023-12-01T12:18:36+00:00

Delicious

I wonder if you have seen a new Sky 4-part mini series starring Dawn French, Emilia Fox and Iain Glen called “Delicious”. I don’t think I’m giving too much away by saying that it is the story of an apparently successful, once divorced remarried chef, who has an affair with his first wife, who it turns out is the real culinary genius.

Like most good stories, the drama of ordinary lives holds our attention when under the scrutiny of dramatic pressures. The series exposes the problems beneath a beautiful façade of a middle-class life. Set on the idyllic banks of the Tamar river, an entrepreneurial temple of hotelier cuisine is the bling that diverts the eye from seeing what needs to be seen.

Just below the surface

There is an understandable and customary dig at middle-aged men but with a twist on the usual, predictable affair with a younger model, with Leo attempting to have his cake and eat it. A setting of fine dining, lends itself to the customary style over substance debate and of course the market price of every thing.

Wood for the trees

From a financial planning point of view there are numerous warnings that I would hope business owners can heed. One of the problems that business owners, or indeed anyone has, is that they are often too close to the problems to be able to see them clearly, let alone any workable solutions. It is certainly hard to fathom how any decent financial planner could not draw attention to what is revealed within the plot (which I shall not spoil).

Virtually reality?

One of the most popular criticisms of social medial is that it has encouraged us to live false lives, like those contained within magazines, or indeed within television or film. Whilst I’m sure this has some truth and resonance, this all rather depends upon each of our ability to be truthful, yet mindful of impact, timing and social etiquette. There is nothing new about attempting to be something you are not, which is perhaps one of the oldest dramatic tools.

The truth can be painful

Of course, not everyone wants to see or hear the truth, particularly when it is going to require some change. I sometimes wonder if this is what puts most of population off from seeking financial advice. Deep down most of us know that we need to master our money lest it master us. A financial plan is designed based around your values, grounded in truth and enables you to see ahead to any potential “surprises”. In essence making sure your plans for style have substance.

Here’s the trailer for the series on Sky.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

DeliciousDominic2023-12-01T12:18:54+00:00

Divorce

Understandably, divorce is a sensitive topic. Yet it is a reality for many people. The subject of divorce rates is open to interpretation. Some will see this as failed relationships, others will see it as ending misery, of course each has its own context and trauma (or not).

Statistics are interesting, but as I have said on countless occasions, they are merely data that can be manipulated to assist argument. So with that in mind, the ONS (Office for National Statistics…. yes it does sound rather like something from 1984) released data this week revealing that divorce rates fell 2.9% in 2013, when compared with 2012. Factually, 2013 saw 114,720 couples in England and Wales granted a legal divorce. The bulk of which were people aged 40-49, however notably it would appear that more younger women divorce than men.

Anecdotal experience would tend to suggest that generally wives are a bit younger than their husbands… emphasis on generally. In addition divorce rates at older ages are likely to be lower due to the fact that marriages also end when people die and there are very few divorces amongst those under 25. So there’s a degree to which one might ask… isn’t this simply stating the obvious? One might also suggest that fewer marriages take place, so it follows that fewer divorces do.

when-a-man-loves-a-woman-movie-poster-19941

Chance of divorce

I’m being a little inaccurate with interpretation here, rather than the chance of divorce, a better and more accurate statement would be the percentage of marriages that end in divorce. According to the ONS, the percentage of marriages ending in divorce has generally increased for those marrying between the late 1960s and the late 1990s. For those married in 1968 20% had divorced within 15 years. Thirty years later, of those married in 1998 32% were divorced before a 15th anniversary. The current median duration of a marriage that ends in divorce was 11.7 years in 2013.

The ONS note that compared to data from 2005 the percentage of marriages that end in divorce reduced from 45% to 42%…. so a minor reduction. They suggest a couple of possible factors for this.

1. The age at first marriage has been increasing, data suggests those that marry at older ages tend to have a lower risk of divorce.

2. Cohabitation has increased, which acts as a filter for those contemplating marriage, so arguably fewer marriages then end divorce.

OK, so this is all well and good, but so what? Well…. the uncomfortable truth is that something like 4/10 marriages end in divorce. So it would seem logical to reflect on this when it comes to your financial planning, by ensuring that both parties in a couple are engaged in financial decisions, both are building and protecting wealth. I have only ever seen one painless divorce (which in reality I do not know much about) most are very painful. Your financial planning can be arranged to reduce such pain, should it occur.

To generalise again, women under the age of 35 are far more likely to divorce than men. Men over the age of 50 are more likely to divorce than women.

Christmas Stress

If you are experiencing a divorce or think you may be about to. Christmas and summer holidays are the time when most people decide to divorce. Understanding your finances, what you have and what you need is vital and I am constantly surprised at how few divorce lawyers every suggest some proper cashflow modelling to reveal what is possible.

Divorce or relationship struggles often make good drama. Here is the trailer for the film “The Story of Us” starring Michelle Pfeiffer and Bruce Willis.

and for some dvd’s on the theme…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

DivorceDominic2023-12-01T12:19:44+00:00