Divorce, is never something that one would plan for, but time and time again, as Independent Financial Advisers, we get frustrated that our advice is sought post settlement. Often the skills of an IFA are overlooked, or not sought, when calculating future income needs and retirement sharing, not to mention reviewing suitable types of plans and costs to protect maintenance, school fees and the like.

In fact, establishing and recognising what is an insurable interest can be frequently overlooked without the involvement of an IFA. Did you know for example, that you can still insure an ex-spouse?

There is also the issue of actually retaining existing protection policies. If your circumstances change in terms of your relationship, it might not necessarily mean that the insurance is no longer valid. If you are concerned that an ex-spouse will not honour your wishes in respect of any funds paid out on death or illness, you can have the plan written into trust. Complicated situations may require advice of your solicitor but your insurance provider should also be able to provide you with the necessary forms to complete for this purpose. By doing this, you can nominate those you trust to ensure any benefits from these plans are directed to the places you wish. Perhaps for children's education or house deposit for example.

Another angle often missed is that of childcare and work options. This need can arise whilst still within the relationship, but if you share childcare between you and an ex-spouse, what happens if your ex dies or is too ill to care for the children or even work? How will any maintenance order be funded?

The answer may lie in simple life cover that pays an income rather than a lump sum. These plans are great if you are risk averse or do not have much investment experience. They provide certainty, are paid tax free and can be written in trust. The money could not only pay for childcare, but also fund a change in lifestyle. Perhaps you will decide that your career can take a back seat for a few years whilst you spend more time with the children. Depending on cover, this could be a reduction in working hours or a complete break.

With a Resolution affiliated adviser and the option to defer our fees until your decree absolute or financial settlement, advice should not be limited to the legal only. We work hard with other professional advisers to ensure the best outcome for you.