financial planning - Page 4

Ending a Civil Partnership or a Marriage: What are the Differences?
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Ending a Civil Partnership or a Marriage: What are the Differences?

Published on
Alexandra Bishop
Alexandra Bishop
Senior Associate
Kingsley Napley

Civil partnerships were first introduced in the Civil Partnership Act 2004 as a way for same sex couples to have their relationships legally recognised. Since 2019 couples irrespective of sex have been able enter into a civil partnership.

There are no real differences when ending a civil partnership or a marriage, or at least there are very few variations. This seems right given the context in which civil partnerships and same sex marriage came into play – to ensure the equal treatment for men and women regardless of sexual orientation to enter into a legally recognised partnership. This same equality and non-discrimination is reflected in the legal process to end a civil partnership or a marriage and the same legal and financial protection is given to couples when a marriage or civil partnership comes to an end.

Disappointingly, the law that protects those in legally recognised relationships is currently still lacking when it comes to protection for cohabiting couples where there is only a limited ability to make financial claims. As such there is a very real difference between ending a civil partnership or a marriage and ending a relationship that is not legally recognised.

Terminology

In England and Wales, aside from a difference in terminology (if you want to end a civil partnership you apply for a dissolution and if you want to end your marriage you apply for a divorce), the rules and the process for dissolution and divorce are the same.

If parties who are married or have entered into a civil partnership in England are seeking to divorce abroad, however, it is important to take specific advice in that jurisdiction. Whilst opposite sex marriage formed in England and Wales is recognised worldwide, civil partnerships and same sex marriages are recognised in some countries but certainly not all. It will very much depend on the jurisdiction where a couple intends to divorce as to whether that country recognises a civil partnership and as to the rights such couples might have under local law, regardless of the clear position in England.

The process for obtaining a divorce or dissolution

Since the introduction of “no fault” divorce on 6 April 2022 when The Divorce, Dissolution and Separation Act 2020 came into effect, the person applying for a divorce or dissolution only has to confirm within the divorce application that the marriage or partnership has broken down irretrievably and no supporting facts or evidence are required. This welcome change has allowed couples to end their marriages jointly and has removed the need for either party to blame the other for the breakdown of the relationship.

The process now takes place online via a court portal. If both parties agree to a divorce or dissolution then a joint application can be made. Alternatively, if just one party agrees to a divorce or dissolution then a sole application would be made. However, parties can only make the application once they have been married or in a civil partnership for over a year. The next stage of the divorce or dissolution is the application for a conditional order (the first stage of divorce and dissolution) which can be made 20 weeks after the application was issued. Once the conditional order has been pronounced there is a minimum timescale of six weeks and one day before the applicant can apply for a final order (for married couples) and a dissolution order (for couples in a civil partnership), which legally ends a marriage or partnership.

There is a very slight difference in the grounds required to annul a marriage compared to a civil partnership. Annulment is a different way of ending a marriage or civil partnership. Unlike divorce, either party can apply for an annulment in the first year of marriage or a civil partnership, although there needs to be very specific reasons for this. Annulment is very unusual. One of the grounds to be able to annul an opposite sex marriage is that a marriage has not been consummated since the wedding, although this does not apply to same sex marriage or civil partnership. Another reason a married couple could annul is because the respondent had a sexually transmitted disease when they married and the applicant was unaware of it at the time. Again this is not a valid reason to annul a civil partnership. 

Resolving the finances upon a divorce or dissolution

Married couples and couples in a civil partnership have the same financial claims upon a divorce or dissolution under the Matrimonial Causes Act 1973 and the Civil Partnership Act 2004.  There is no difference in the application of the law in determining a fair and reasonable financial settlement upon a divorce or dissolution. In the context of these financial proceedings, the court has the powers to make the following financial orders: property adjustment orders (transferring properties between spouses or civil partners or a sale of the assets), lump sum orders, pension orders (sharing a pension with your spouse or civil partner) and periodical payments (payments made from one spouse or civil partner to the other to provide income support).

Although the nature of civil partnerships and marriages in terms of their meaning and historical context are very different and couples may have strong reasons for choosing marriage over a civil partnership or vice versa, the legal protections afforded to these couples and the process for ending these relationships are essentially the same.

Read more articles by Kingsley Napley LLP.

About Alexandra Bishop

Alexandra is a Senior Associate in the Family and Divorce team at Kingsley Napley, with experience of all types of private family law work relating to both finances and children.

Alexandra offers practical and realistic advice and provides excellent care for her clients, working through technical legal problems pro-actively to achieve the best possible result.  She has been recognised for her work in Legal 500 2019, one of the leading legal directories in the UK.

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How are businesses dealt with during divorce.
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How are Businesses Dealt with During Divorce?

Published on
Jane Tenquist
Jane Tenquist
Partner and Head of the Family Law Team
Myerson Solicitors

In the context of marriage, a business’s worth and its revenue are regarded as a potential asset.

However, this does not imply that the court will mandate the sale of the business. The court acknowledges that the business generates income and losing it could have disastrous consequences.

During family court proceedings, a forensic accountant, appointed jointly by the solicitors representing each spouse, usually assesses the business’s value.

The accountant provides guidance on various matters, including the business’s after-tax value, whether there is any cash available that can be extracted, and the associated tax implications.

Additionally, the accountant determines what the business earner can reasonably earn from the business now and in the future.

Typically, the court evaluates the value of a shareholding in the business based on its actual market value. It seeks a valuation that a willing buyer would pay to a willing seller for that particular shareholding.

When to value a business?

The valuation of businesses arises when either or both spouses hold an interest in the business.

Such businesses can be valuable as a source of income, but they may also be valuable capital assets in their own regard.

How to value a business on Divorce? 

Forensic accountants use many methods:

The Capitalised Future Maintainable Earnings Method 

The capitalised future maintainable earnings approach is employed when assessing majority shareholdings.

The approach aims to determine the amount of earnings, in the form of turnover and EBITDA (earnings before interest, tax, depreciation, and amortisation), that a company can sustain over the foreseeable future.

The resulting figure is then multiplied by a factor, known as the price/earnings ratio, which represents the number of future years’ earnings a potential purchaser might consider acquiring.

To establish the price/earnings ratio, earnings from similar businesses with a known market value are compared with an investor’s required return, and a multiple of the representative earnings is applied.

Adjustments are made afterward to account for any unusual transactions in a fluctuating market.

Net Assets Method 

Net assets approach determines a company’s worth by considering the realisable values of its net assets minus its liabilities.

Modifications are made to account for goodwill and potential unrecorded liabilities, such as deferred tax on property sales or break fees on loan facilities.

This technique is typically utilised when evaluating firms that possess property portfolios.

Dividend Yield Method

Valuation of minority shareholdings commonly involves the dividend yield method, but it is seldom used for private companies.

The approach is founded on the amount of profit the company generates for its proprietors.

How is a business split in a divorce?

The court has considerable flexibility in handling a business during a divorce and can issue any of the following directives:

  • Transfer of shares
  • Repurchase of shares by the company
  • Payment of a lump sum to the non-business-owning spouse from the business’s available funds
  • Allocation of other liquid funds from the marriage to the non-business-owning spouse
  • Sale of the business
  • A decree for spousal periodic payments

Is any discount to the value of a business made on Divorce?

The worth of a business can fluctuate significantly, depending on market fluctuations and economic conditions.

The family court acknowledges that the value of a business cannot be easily quantified like more secure assets, such as the net proceeds from the sale of a house.

However, the court may not necessarily apply a discount as the risk factor of the business would have already been factored in during the valuation conducted by the single joint expert forensic accountant.

In some cases, a discount may be applied to the businesses valuation if one spouse receives a greater cash share. Generally, the court strives to balance the riskier assets against the more secure assets to ensure that each spouse bears a proportionate risk.

About Jane Tenquist

Jane Tenquist is a Partner and Head of the Family Law Team at Myerson Solicitors.  She set up the Family department at Myerson in September 2012.

Jane’s work focus is in matrimonial finance, particularly involving complex issues relating to trusts and offshore assets.  Jane has enjoyed success in tracing hidden assets and obtaining freezing orders to prevent assets being diverted during matrimonial proceedings.

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10 Steps to Divorce Financial Settlement
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10 Steps to Divorce Financial Settlement

Published on
Peter Marples
Peter Marples
Director
Fair Result

Agreeing a financial settlement is a huge milestone during the negotiation process of a divorce. It is advised that separating couples obtain a financial order that sets out this settlement, as whilst this is not mandatory, it will make this agreement legally binding.

Some lucky couples can decide on how to divide up their assets, agreeing their financial settlement without the need of going to court. However, to ensure both parties are protected, and the agreement is legally binding, a solicitor can draft a ‘consent order’ that both parties must sign.

This is then sent to the court with a completed Form A (notice of your intention to proceed with an application for a financial order), a Form D81 (statement about the parties’ financial situation to support your application for a consent order), and a £53 fee (administration fee).

However, a lot of couples fail to agree on a divorce financial settlement, which means that the court will have to decide for them.

In most cases, the process will follow the ten steps highlighted below, however, an agreement can be made at any point during this process. If that is the case, then this is agreed and signed in a legally binding court order to confirm all the details.

Providing notice of application – Form A

To kick start the financial settlement process, you will need to send a completed Form A (notice of your intention to proceed with an application for a financial order) to the courts.

This document will outline the kind of financial order you are looking for, at what stage you are at with the divorce or dissolution of a civil partnership proceeding, contact details of the separating couple or legal representatives, and information about the Mediation Information and Assessment Meeting (MIAM).

First Directions Appointment date

Once you have provided your application, the court will then set a date for the First Directions Appointment (FDA). This is the first hearing in relation to your financial dispute arising from your divorce.

This is an opportunity for the judge to consider what information each party needs to provide to create the divorce financial settlement. Both parties are encouraged to reach an agreement if possible. If this cannot be agreed, a second hearing with the FDA will be arranged to allow for further negotiation.

Financial statement – Form E

Form E (Financial Statement) is an important document in the UK divorce process since it acts as the starting point for the financial settlement negotiations.

Both parties send the court a Form E at least five weeks before the FDA hearing. You must also send a copy to each other.

The purpose of this document is to ensure both parties disclose their financial circumstances, including income, assets, liabilities, and projected financial needs.

FDA documents

These documents are filed by both parties two weeks before the FDA:

  • A concise statement of issues.
  • A chronology of events.
  • A questionnaire which is supposed to address the statement of issues.
  • A Form G, whereby you tell the court whether the FDA meeting can be used for a Financial Dispute Resolution (FDR) appointment. Typically, the FDR meeting takes place after the FDA meeting.

Costs – Form H

At this stage, each party will send the court a completed Form H just before the FDA meeting, listing any costs they have incurred.

This document sets out all the costs of the financial remedy proceedings, including costs from before and after the application was issued.

FDA meeting at court

The judge will consider both you and your partner’s financial disclosures and establish whether further information is required from either of you.

Many judges are keen to see whether a resolution meeting (skip to the final hearing section) can take place at this stage. If not, a date is set for the FDR meeting.

File proposals

Both parties will answer questionnaires, prepare evidence, and submit proposals to the court for the divorce financial settlement.

Both sides also submit a second Form H, which lists updated costs.

FDR hearing

During this hearing, the judge will focus on encouraging both parties to agree on a financial settlement, through judge-led negotiations.

Most divorcing couples settle at this stage (or soon afterwards). If not, the judge will arrange a final hearing, where both parties will need to make new offers and provide evidence.

Further proposals

The negotiations continue between both parties, including revised proposals for the divorce financial settlement which are sent to the court and to the other party.

Final hearing

This is usually the third and final court hearing within the financial remedy process.

In the absence of any agreement and following the submission of updated costs on a Form H1, a new judge will decide on your financial position and impose a settlement on your behalf.

Summary

One of the most important parts of getting a divorce is reaching a financial settlement. Many couples can agree this without the need of going to court however, but a lot of separating partners find difficulty in achieving this.

Perhaps one person is not providing their financial information, or they are not making sensible proposals, in that case, court is advisable.

By following these simple steps and receiving professional advice, you will be on your way to a Fair Result and a happy, brighter future.

Do you require specialist expertise in securing financial settlement? Get in touch with our team today.

Read more articles by Fair Result.

About Peter Marples

Peter Marples – Director of Fair Result and qualified accountant, with the determination to change the way divorce is transacted. For further advice on financial settlements and navigating divorce, use the contact details below:

  • Email
  • Give the team a call – 07500933818 or 0333 577 7009
  • Complete an enquiry form

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The New Pension Rules and Divorce - Don't Leap too Soon
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The New Pension Rules and Divorce – Don’t Leap too Soon

Published on
Peter Marples
Peter Marples
Director
Fair Result

The recent announcement by the Chancellor to release the pension cap and the annual contribution limit was seen by many as a tax break for the rich.

However, the major beneficiaries of this change was those people in the Public Sector with Senior Roles such as Headteachers, Consultants, GP’s and Civil Servants, most of which are on either final salary or average salary pension schemes.

Why? Because many had already reached the maximum pension allowance and their marginal rate of income tax was becoming such a disadvantage that many had decided to retire.

So it is a good thing that you can add more to your pension fund and benefit from this in retirement – for many yes, but for those contemplating divorce or more particularly those that will be in receipt of a pension sharing order, the benefits are not so obvious.

With over 1/3 of the working population in the public sector, with the prevalence of final or average salary pension funds being prominent in the Public Sector it is not surprising in divorce that the pension is often the major element of the financial settlement.

The number of times we have seen, more often than not the wife in receipt of a large pension sharing order running to many hundreds of thousands of pounds is more common than you think. BUT, very few lawyers or even fewer pension advisors actually tell you that the devil really is in the detail of the pension funding rules themselves. We pride ourselves in giving fair advice to our clients and increasingly that advice is not to take a pension sharing order or at least to consider fully the implications of doing so. So let us pose a few questions, the answers for which might surprise you:

The value of my pension sharing order goes into my estate if I die early?

Nope – if you die, the vast majority of your pension sharing order is returned to the Chancellor of the Exchequer and your estate receives little or no benefit.

My pension is liquid and I can move it?

Nope – scheme rules are clear and different for each scheme. You cannot move funds in most schemes and they are certainly are not liquid. Contrast that with you taking a larger percentage of the family home in the divorce settlement and not a large pension sharing order. Your property is liquid, carries little risk and is yours to do what you want with

If I die before I can draw my pension then my will provides for the money to be distributed?

Nope – if you die before you can draw from the scheme, you get nothing. Just think if at 40 you took a £200,000 pension share and died at 55 – your divorce settlement in this case was not worth a great deal.

So I can draw my pension at 60 ?

Nope – all schemes have different rules. For example, the Fire Service pensions have three schemes and the earliest draw down for the annual pension in one of these schemes is 67 ! – yes 67.

Summary

So in summary, the new requirements allow more money to go into the pension which gives a larger part of any divorce pot being attributable to the pension itself. On face value, good news but unless you can get at it, then it is worth very little.

Each case is very different and needs to be considered, so but don’t just think a big pension sharing order means a great settlement. We would trade a pension for cash in a property NOW every day of the week because you just don’t know what might happen and with a property, you can leave it to your kids or even the RSPCA.

Read more articles by Fair Result.

About Peter Marples

Peter Marples – Director of Fair Result and qualified accountant, with the determination to change the way divorce is transacted. For further advice on financial settlements and navigating divorce, use the contact details below:

  • Email
  • Give the team a call – 07500933818 or 0333 577 7009
  • Complete an enquiry form

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Divorce Finance Specialist, Comments on Latest Office Of National Statistics *Findings on Divorce in the UK

Published on
Mary Waring
Mary Waring
Independent Financial Advisor and The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial

Data on UK divorces, released this week by the Office of National Statistics, announced that that the average age at divorce is continuing to rise; for 30 years, from 1985-2015, the average age at divorce has increased by over eight years.

The average age at divorce for a man in 2015 was 45.9 years, and 43.5 years for a woman.

Therefore, for a spouse with no retirement provision, overlooking his or her soon-to-be-ex’s pension could prove costly.  Factor in many stay-at-home parents’ gaps in state entitlement and it’s clear pensions have never been a more important consideration for divorcing couples.

People experiencing divorce often prioritise the house thinking they will be able to move somewhere smaller and realise some capital later. But moving from, say, a 4-bed to a 3-bed will usually not generate that much cash once the costs of moving are taken into account.

Under today’s flexible pension rules, anyone with a private sector defined benefit, also known as a final salary scheme, can demand a cash transfer and if they are 55 or more, obtain what could be a considerable lump sum.

Based on how transfer values from defined benefit pension schemes are calculated, the transfer value of a defined pension may be more than 30 times the annual income.

So, if your other half has built up a final salary pension of just £7,000 a year, it could be worth more than the average UK house price of £222,000 recorded at the end of 2016.

Someone with £30,000 of final salary pension could be sitting on an asset worth £1m. This shows just how valuable the pension is. It’s very easy to discount the importance of a payment which may not be available to you for a number of years in the future. But when you understand the current value of that income, you then realise how vital it is for you take a share of that value, rather than have all your share of the joint assets tied up in a house.

Courts can make an order that a pension is split, with part of the benefits transferred to the other party in the divorce.

Splitting a pension and then transferring it into a defined contribution plan can, in some circumstances, be an efficient way to generate revenue for a non-earning party who could receive £11,000 tax free per year from the DC pension pot if they are over age 55 This compares to the 40 per cent tax the main breadwinner might pay on pension withdrawals.

It’s all about maximising the value of what’s in the joint pot. Money that comes to you or your ex-spouse in the future rather than going to the taxman has to be worth investigating.

The Office of National Statistics data also finds that some 42% of marriages are destined for divorce, and that half of these divorces are expected to occur in the first 10 years of marriage.  This does underpin the importance of prenups and postnups, especially in situations where one or both spouses have substantial pre-acquired assets.

A properly drawn up prenuptial agreement will not be a cheap option and the additional expense, on top of all the wedding costs, may be very unwelcome. However, the legal costs of a prenuptial agreement are likely to be much less than the costs that would be incurred by having an acrimonious divorce, involving a protracted dispute about financial matters.

According to the statistics, the majority of divorces in 2015 where a decree absolute was granted were petitioned by the wife (62%).

Essentially, both case law and divorce law now make it much easier for a non-earning spouse (very often the wife) to get a fair share of the assets on divorce.  This is likely to have increased the number of women getting divorced”.

*https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/divorce/bulletins/divorcesinenglandandwales/2015

 

About Mary

Mary Waring is a Chartered Financial Planner  and Chartered Accountant who specialises in advising female clients, particularly women going through a divorce.  She is also an affiliate member of Resolution, a national organisation of family lawyers committed to non-confrontational divorce.

Wealth for Women Limited is a financial planning firm which specialises in providing financial advice to women who are going through divorce or bereavement.

 

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looking for finance
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Let’s Talk about Money – 6 Dos and Don’ts when Looking for Finance for your New Business.

Published on
Griselda Kumordzie Togobo
Griselda Kumordzie Togobo Owner of Forward Ladies

Are you looking for cash to fund a new business, purchase an existing business or franchise?

Finding extra cash features very highly on every entrepreneur’s wish list. Although a lot of people find investors to support their business ventures, there are also lots of people struggling to get their businesses off the ground due to lack of funding.

In this article I will be sharing with you the main reasons why some entrepreneurs struggle to find funding and how you can go about your funding process to increase your chances of success.

The Dos when Looking for Finance

  1. Get your business plan in shape

Your ability to produce a clear, succinct, well thought out and well-researched business plan places you a few steps ahead of the competition.

A lot of businesses don’t get funded because their plans are poorly written, over optimistic in their financial projections and poorly presented.

Don’t let this initial hurdle stop you. If you don’t have a business plan at this point, then go write one or get someone to help you put it together. If you already have a business plan, then refine it and have it reviewed by a professional.

What investors look out for:

  • Is the product or service commercially viable?
  • Does the company have potential for sustained growth?
  • Do you and your team have the ability to deliver this plan and grow the business?
  • Is it too risky to invest in?
  • Does the potential financial return on the investment meet their investment criteria?
  1. Stand out from the crowd with a mind blowing pitch

 The banks and investors receive scores of business proposals. Why should they spend their precious 5-10mins looking at yours? Make yours jump out from the rest any way you can.

If you are lucky enough to be given a platform to pitch your business, then this is your chance to grab their attention. Tell them who you are, what your business is, what’s unique about it, the amount you are looking for, what you will use it for and what they get in return. Cut out all the fluff and gimmicks and get to the point. Basically aim to blow their minds in under 3 minutes.

  1. Stick to what you know

Investors are looking for competent and experienced partners to work with. You have a better chance of finding finance if your business venture is in an area you have knowledge and experience about. As much as possible try to stick to what you know and avoid industries that you have no knowledge about. A team with the relevant experience is a MUST if you have no personal experience in the industry.

 

looking for financeThe Don’ts when Looking for Finanance

  1. Don’t forget the financial bit

The financial statements i.e. balance sheet, income statement and cash-flow statement shouldn’t be your weakest link. The quality of your projection will demonstrate to investors that you pay attention to detail and have properly thought out the financial implications of your plans. An accountant can help you with this area if you struggle with numbers.

  1. Six degrees of separation – don’t underestimate your existing contacts

Every article on funding starts with asking your friends and family, but few people take the trouble to exploit this avenue properly.

Our friends and families are our greatest supporters and are quite willing to support us provided we present them with a viable business proposition.

Don’t cut corners when pitching to friends or family. Be professional and show them how you can make them money. At the end of the day that is what most people are interested in. I had a friend who did a full on presentation of his business idea to my family.

Although we didn’t invest in his business, we were so impressed with him that we opened up our contacts to him. If there is only six degrees of separation between everybody on earth, you never know where this seemingly small step may take you.

  1. Don’t Limit your search

It may be that a cocktail of funding options is your only chance of securing adequate funding for your business. Do your research to identify the options available to you. Few businesses have only one source of funding.

There are age and gender specific grants and other funding options available to specific demographics of the population. Research the grants, banks and angel networks available, tailoring your approach to each source. Your geographic location doesn’t matter so much anymore, as investors are quite happy to invest anywhere provided it fits their investment criteria.

The quest for funding takes time. You’ll be better off starting now! Reach out to people, ask for help and let them share their experiences with you.

For those looking to buy existing businesses or franchises – why not ask for introductions to the seller or franchisor’s bankers? Their bankers already know their business, all you have to do is prove that you are capable of replicating their success.

Good luck and wishing you every success in your search.

Griselda Kumordzie Togobo is a business consultant, speaker and coach dedicated to helping business owners increase their profits and productivity. She is a chartered accountant and holds an MPhil in Industrial Systems, Manufacture and Management from Wolfson College, Cambridge University.

I’m also an Enterprise Ambassador at Leeds University and guest lecture on entrepreneurship.

I founded AWOVI Consulting after a career with an international professional services firm where I provided business advisory services to small and medium sized Enterprises, Charities, The NHS and blue-chip companies.

I also own and run Forward Ladies where I am on a mission to make a difference in the lives of entrepreneurs as well as career women. Check it out.

 

 

 

photo credit: Women In Tech – 73 via photopin (license)

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Financial Independence after Divorce
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Network Marketing – Financial Independence after Divorce?

Published on
Networking Marketing
Sarah Liebelt

‘’When you make women millionaire’s, you change the world.’’ This was, Petter Morack’s, belief and vision when he started Arbonne 35 years ago.

It’s not very often that life turns out the way we planned and if you’re reading this article it’s quite likely your current situation was not in your plans.

Perhaps you are considering a divorce, recently divorced, divorced and found yourself being a single parent.

Wherever you are in this journey, even if a divorce was the right decision, it’s also very likely your life is upside down and you’re trying to right it again.

If I told you about an industry where personal development and mentoring is key, where you can own your own business with unlimited income potential and be in control of your diary, where you can support others in achieving their goals would that be of interest to you?

Then welcome to the world of Network Marketing (NM). NM as an industry has been around since the late 1970’s early 1980’s and is heavily regulated by the Direct Selling Association (www.dsa.org) and it is a global industry that in 2013 turned over $178 billion USD (mastermindevent.com).

This is more than the National Football League ($9.5 billion), music industry ($15 billion) and movie industry (£88 billion) and the best part is that anyone can be involved in NM. You don’t have to be a professional athlete, musician or movie star. You just have to be coachable, motivated and willing to put in effort.

NM is an industry with a level playing field and is designed so the regular person can create their own life by design.

A part time, home based business that can pay more than a full time wage makes it perfect for single mothers who can schedule meetings around their children and run their business over the phone, internet or in a coffee shop.

It is perfect for someone wanting financial independence to take back control of their life or someone wanting a secondary source of income to support themselves.

In the worlds of Kim Kyosaki, ‘a man is not a financial plan’.

single working mumNM is also a place where you can find support from a mentor, learn to mentor others, be encouraged to develop as a person and to leave a legacy.

So, what will your legacy be? What will you teach our children?

I have started to build my legacy through NM. My legacy is to leave the world better for me being here because I inspired and taught others how to pursue and achieve their dreams, I inspired and taught others how to take the road less travelled because the rewards are so much greater then following the crowd and I inspired and taught others how to inspire and teach others.

By the time I’m done, my ‘ripple effect’ will have changed the world through helping people to be the best versions of themselves and teaching them to teach others to do the same.

What else is there to love about NM?

Its low risk and low start-up cost compared to your traditional franchises. You fit your business around your life, not your life around your business. You can ‘earn while you learn’ with uncapped income potential (no glass ceiling) and most important are the friendships you make and the person you become.

It’s worth noting that not all NM companies are created equal however there are lots of fantastic ones out there. When researching to find a company that’s right for you I recommend considering the following:

  • Who is running the company? What’s their vision and is it in line with yours?
  • Stability and growth. Does the company has a proven record of stability and have potential for more growth?
  • Training and mentoring should be highly valued and promoted.

I am proud to be part of Petter’s vision and a proud representative of NM. Although this was not the industry I ever thought I would be in, I started my business because I was desperate to change my working situation. This decision really came down to ‘am I going to continue building someone else’s dream, or am I going to start building my own?’

There are no guarantees in Network Marketing, as there are no guarantees in life but with the right company the possibilities are endless. Notice I did not say ‘probabilities’.

A probability is what someone else tells you is the likely outcome. A possibility is only limited by your imagination and your work ethic because if one person can succeed in Network Marketing, why can’t you?

 

Sarah is 33 years old and has been running her Network Marketing business for 2 and a half years both in the UK and Australia.

Sarah first started her business while working as a Social Worker and continued to work full time and build her business for the first 18 months.

In 2015 Sarah was solely focused on her Networking Marketing business, however as a result of the business skills and personal development she gained from Network Marketing, Sarah is now launching 2 secondary businesses.

Sarah’s greatest joy is helping other people achieve their goals and believes it is her purpose to inspire and support others to believe in themselves and love themselves enough to pursue their dreams and goals.

 

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Pre-Divorce Checklist

Pre-Divorce Checklist – The Finances

Published on
Women and Divorce
Wendi Schuller
Author of
The Global Guide to Divorce

Financial steps to take when contemplating divorce.

Your marriage may be turbulent – but you may not be sure if you want to jump ship. Whatever the outcome may be – reconciliation, separation or divorce – there are steps to take in the interim.

Here’s your Pre-Divorce Financial Checklist

–  Get a hold of financial records including tax returns, bank and credit card statements.

Find retirement and investment accounts, plus a life insurance policy. Make copies and put them in a secure place and on a flash drive for easy access. Gather information on loans, mortgage or rent, and other monthly expenses to get a full financial picture.

Scrutinize joint credit card statements to see if your spouse has been buying presents or spending marital money on a lover. Some spouses have been successful in getting these expenditures reimbursed during divorce proceedings.

If there seems to be chunks missing, then possibly your spouse has been liquidating assets or “giving” them to family and friends. After the divorce, these “gifts” would be returned to your ex-spouse.

During financial disclosure in divorce, a forensic accountant may be brought on board to investigate any financial discrepancies.

–  Obtain a credit card in your name only. If you have one already, then remove your spouse as a signer on it, if she has that privilege.

Having a credit card in one’s name helps to build up a credit rating which is especially crucial once single again. Order a credit report to correct any mistakes, see what the number is, or if your spouse has caused it to take a nose dive for some reason.

If you find yourself in an emergency, then a credit card is invaluable. I could not have managed during the six weeks from when my husband left, until the interim support started, without it.

–  Open a bank account in your name only to ensure that you have access to funds when the divorce commences.

I had not done this, so did not have any cash. I had to ask my mum for a hand-out.  Joint accounts can temporarily be frozen during divorce, so you want to make sure to have a cash fund available.

pre-divorce checklist
Open a bank account in your name only

–  Set up direct payments from your joint banking account to utilities, mortgage lender, the phone company and other services so they get paid in case it is not frozen during proceedings. It makes life easier if one is not scrambling to pay these before interim support starts.

Since I had worked at our jointly owned business, I did not have an income stream to make these payments and received disconnection notices. If they had been automatically paid, this would not have happened.

–  If you sense that a divorce is imminent, then cut down on expenses and tuck away the amount that you would have spent on lunches out, clothes etc.

Keep close tabs on bank accounts or investment balances, to make sure that your spouse does not withdraw a large amount and then immediately file for divorce. Some savvy women bought themselves gift cards to grocery stores and to other necessary places when feeling that their marriages might be ending soon.

–  Some women had facelifts and breast implants done while still married right before heading for divorce.

A few furious husbands tried to get a partial reimbursement for these procedures, but were denied, since they were done while still married. I put off expensive dental work that I could have done during marriage. It was not covered, so I had a big bill for it when newly divorced.

A little pre-planning can make for a smoother divorce. One’s solicitor will appreciate having financial information right in the beginning of the proceedings.

CLICK HERE FOR MORE ARTICLES BY WENDI SCHULLER

ABOUT WENDI

Wendi Schuller is a nurse, hypnotherapist and is certified in Neuro-linguistic Programing (NLP).

Her most recent book is The Global Guide to Divorce and she has over 200 published articles.

She is a guest on radio programs in the US and UK. Her website is globalguidetodivorce.com.

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Become Wealthy
/

A Man is Not a Financial Plan: 7 Steps to Become Wealthy

Published on

Here are the 7 steps to how to become wealthy:

financial plan
Mary Waring
Independent Financial Advisor and The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial

1. Calculate your starting point

Until you calculate a starting point you have no way of knowing whether you’ve improved your wealth or by how much.

So work out the value of everything you own, (your house, car, investments, pensions etc) and deduct the value of everything you owe (your mortgage, credit card balances, HP etc.). The difference is your net worth. Set a target for what you want this to increase to over the next 6 months or 12 months

 

2. Control your debt

If you have large balances on your credit card and only pay off the minimum each month you are paying a huge amount of interest.

If you only pay off the minimum balance each month it could take 47 years to repay your balance and cost 3-4 times the initial balance. So before you put a purchase on your credit card consider how much it will cost you to pay it back in total, rather than how much you pay back each month.

 

3. Save before you spend

Don’t plan to save what balance you have left in your bank account at the end of the month, because invariably there won’t be anything left. Instead have a standing order each month that goes out of your account as soon as your income comes in. That way your savings will be taken care of.

Over time it will be easier to increase the amount of the standing order, as you see your savings grow.

 

what mortgage can I afford
It’s easy to think that a small amount isn’t worth saving.

4. Save regularly even if it’s only a small amount

It’s easy to think that a small amount isn’t worth saving, but over the long term you’d be surprised how much it can grow. For example, if you were to invest your child benefit from the day your child is born until they are aged 18 and get a 10% return, at the age of 18 that would be worth over £53,000.

Enough to fund university,  provide a deposit on a property, fund a gap year etc. However, if instead of giving this sum to your son or daughter at age 18 you left it invested continuing to earn 10% return each year it would be worth over £4.6 Million when they are aged 65.

That’s based on investing £20.30 per week- or £2.90 a day. A similar price to an upmarket cup of coffee!

 

5. Monitor your spending

If you think you don’t have enough money to save keep a detailed record of all that you spend over a 3 month period- including everything you spend in cash. Then review each item on the list and consider “how can I reduce it?” Is it possible to eat out less often, eat out in a cheaper spot, or have friends round instead of eating out?  You may be surprised at where your money’s going, and the options to reduce your costs.

 

6 Review everything regularly

Doing the above exercises is not a one off. Over time bad habits can creep back in. So do all this on a regular basis to ensure your money is working hard for you.

 

7. Enjoy your money 

Don’t be fearful of dealing with your finances. If you approach each of the exercise with the attitude it won’t work or you’ll hate doing it, then that’s exactly what you’ll get. Follow the steps to improve your financial position in the knowledge that small steps on a regular basis can lead to a significant increase in your wealth

Mary Waring

www.mary-waring.co.uk

Author of  The Wealthy Woman: A Man is Not a Financial Plan: A Woman’s Guide to Achieving Financial Security 

 

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PENSIONS AND DIVORCE

Divorce and Your Financial Plan

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Independent financial Advisor
Paul Gorman
Principal Partner
Beaufort Planning

Going through divorce is a very emotional time, so much so, that it is often very difficult to focus upon and make clear decisions about what you need to do about your finances.

This situation can easily become exacerbated if you’ve had none or little involvement in managing the family finances and it can be very tempting to just bury your head in the sand.

Putting things to one side and leaving them until later, is likely to cost you more in the long run, so as hard as it maybe, the earlier you get to grips with financial matters and a have clear picture of where you stand the better you will be and also probably feel.

You’ll need to gather together financial information for disclosure purposes as part of the divorce proceedings and it maybe, depending upon the process you choose, you are asked by your family lawyer to complete a Form E

In general terms you will need to get an understanding of your income and outgoings and all assets and liabilities.

The gathering of some of this data will be straightforward enough and some may be a little more difficult to obtain.

At this point you may need some professional help and assistance on what to gather and where to go to get it.financial plan

It’s a bit like putting together a jigsaw.

Putting the corners and sides in place are relatively easy. Building and completing the full picture can be both time consuming and difficult, depending on the number of pieces you have in your financial picture and its complexity.

But like a jigsaw, once fully complete and you have all the pieces in place, you will be able to see clearly what your current financial position looks like.

The earlier in the process you and the professionals you work with have a clear understanding of your finances, the sooner you can all work together to consider all of your financial options and start to shape and put together your thoughts on an appropriate settlement.

Taking this first important step will help you achieve clarity and give you a greater understanding of your finances. It will hopefully enable you to be more confident and money matters.

In a following article, I will look in more detail at shaping financial settlements.

Paul Gorman

www.beaufortplanning-westmidlands.co.uk

You may also like Paul’s article on INCOME AND DIVORCE 

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