Stephen Lyth, of Alchemy Advisory Services, says divorce cases need IFA help

THE first working week in January heralds the arrival of D-Day – a renowned phenomenon in the legal trade.

The industry witnesses a surge in clients initiating divorce proceedings, following the Christmas period.Š

As assets are divided, responsibility lies with lawyers to advise on complex financial affairs. But, all too often, solicitors fail to involve Independent Financial Advisors (IFAs) early in the process – an understandable oversight but one that can prove damaging in the long run.

Divorce is a hugely stressful time and people often set their sights on retaining assets that may not be financially viable, such as a house with enormous upkeep costs.

An IFA will spot this and through simple cash flow modelling exercises will recommend measures to best provide for a client’s future.

Only involving IFAs at the 11th hour can lengthen already difficult negotiations and cause considerable upset.Š Partnering with an IFA early will help spot potential problems and deliver quality service. There’s a strong business case for professionals working well together, and referrals are an important source of trade. Building your reputation on providing sound advice and efficient service will help drive business and word of mouth.