Money is often a bone of contention for divorcing couples. This brings added anxiety for the client, but also means that income needs schedules may be inaccurate, contested and cause delays for busy legal teams. 

Here, Financial Lifestyle Analyst Alison Porter explains how her team at Pennywise Consultants (pictured above) helps divorcing parties to provide the court with an accurate and impartial budget analysis, smoothing the way towards a fair and fast settlement.

Asking a client how much money they are going to need to run their life is a big question. Many people actually have very little idea about what they spend in a year, and barely look at their monthly bank statements. It’s not uncommon for one person in a relationship to look after all the household finances – whether that’s just a matter of habit, or a more sinister form of economic abuse. And if someone is relocating to another part of the country to be closer to relatives, or abroad, perhaps, it can be particularly difficult to know what everything is going to cost in your new home.

So, for many reasons, when a client is confronted with Form E, Section 3, it can feel very daunting and often lands on the “too difficult” pile, left to the last moment. And that causes stress for everyone, including the trainee in the law firm to whom such a task is often delegated. Even the most astute trainee probably lacks experience in putting together accurate and very detailed household budgets. After all, nobody goes to law school to work out the price of pillows.

My team at Pennywise provides impartial, factual and accurate lifestyle budgets in support of any financial aspects of divorce, including Schedule 1 claims, add-backs, interim and variance of maintenance claims. We regularly research the current costs of household items, from energy prices (which are particularly volatile at the moment), to schooling, groceries, property maintenance, holidays and hobbies. 

We take the client firmly by the hand and guide them through the process with kindness. People are often frightened about how they will manage their finances after divorce. It can feel quite invasive when being asked lots of details about how you spend your money. So, it’s important for us to reassure clients that we will only share their information with their lawyer; there’s never any judgement from my team. We just gather facts and compile them with accuracy. 

It’s our impartiality which can really take the heat out of an argument if a couple is at loggerheads. We present the facts in a clear report, often saving time, cost and heartache. Our evidence-based reports have been successfully used in court hearings to negotiate from a point of strength, and frequently lead to out-of-court settlements as a mediatory tool. 

For all these reasons, our services are regularly used by many of the UK’s top law firms, barristers, financial advisors and divorce coaches. If you’d like to find out more, there’s lots of information at https://pennywiseconsultants.co.uk/ and we’d love to hear from you.