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Wellbeing
Perfomance is temporary.
Behaviour is permanent.
Raising a family can be a challenge, but it’s almost certainly rewarding. Looking after your family’s finances is key to maintaining their wellbeing, so here are some occasions where having a healthy relationship with money can help build a healthy family.
Here To Help
Running a family can be a challenge. There is a lot to consider and many financial responsibilities you will have to ensure you’ve covered to get the best for your families wellbeing.
Across all the pages in this section, we provide a series of guides to help you find what you should be looking for, particularly when it comes to your families wellbeing so we can help you…
CHOOSE THE ADVISER WHO UNDERSTANDS YOUR NEEDS.
Getting married
There are many perks to getting married, however a marriage is much more than a celebration of love, it’s also a contract. That may slightly take the romance out of it all, however cohabiting couples would do well to remember it before they take on the responsibilities of marriage. Understanding the effects on each other’s finances when you wed could be an important step to the wellbeing of your relationship, and your future goals. When they marry, spouses can move money between themselves tax-free, have more protection over their finances and their assets can be shared evenly. Read our guide “Getting Married” to find out more about the benefits of marriage, (besides love of course!)
Insure and Protect
Life has an unfortunate habit of throwing curveballs your way, and whether good or bad, you need to be prepared for them to protect yourself and your family.
Having this in place can give you the peace of mind to deal with these issues. Often all it takes is one serious illness, injury or death to have a devastating impact on the family’s finances.
Things like life insurance and private medical care can help protect you and your family, both while you’re still around and after you’ve gone.
Adopting a child
Whatever your reasoning, adopting a child is one of the biggest decisions to make. It can be challenging, however could be one of the most rewarding things you do with your life. There are many things to consider before you agree to adopt; ensuring you can provide the emotional and financial support needed to care for the child, as well as get everything out of it that you want.
There are two stages that form the process of adoption. There will be exploration, checks and registration with an agency, followed by a formal evaluation, including references and background checks. You will also have to complete training and assessments to assure you are perfect for a child and that their wellbeing will be your priority.
It’s not working out.
We’re getting a divorce.
At the heart of a divorce is the wellbeing of your family. It’s unlikely you enter this process with the wish to break down your family and its finances, so when entering a divorce, it is important to remain civil and calm to divide assets fairly and equally.
There is an awful lot of paperwork involved in a divorce and having an adviser on hand is often the best way to get the guidance you need to reduce stress and minimise any risky decisions.
Throw children into the mix and the desire for a smooth and calm divorce becomes heightened. Their wellbeing should be maintained, so working up agreements that has less impact on their lives as well as ensuring both parents can afford to provide for them, is highly important. Find out how divorce can affect other areas of your finances, including a mortgage.
Taking legal action
The process of legal action is both stressful and costly. It can seem drastic but is often a go to if someone oversteps the mark when it comes to your legal rights and to get the best result for yourself and potentially, your family.
To help clarify what may occur if you go down this road, we’ve pulled together a few things to consider.
Will Writing
Writing a will is one of the most important things you can do, however nearly according to a survey, six out of 10 adults in the UK don’t have one written1. If you have people that depend on you, or if you simply want to ensure that your assets are shared out equally to the people you love when you’re no longer here, writing a will is a certain way of ensuring this happens. Dying without a will can mean you die ‘intestate’, meaning that the UK law will be in control of your assets and assign them to whoever in your family they see fit. This can take a much longer time than a will, so to protect your family and their deserved assets, keeping your will up to date is key. Having a solicitor on hand to ensure there are no loopholes missed can ensure the wellbeing of your family for years after you’ve gone.
1 https://www.thisismoney.co.uk/money/pensions/article-2243507/Will-writing-guide-Do-need-write-it.html
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
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Abacus Associates is a trading style of Saltus Partnership Limited which is authorised and regulated by the Financial Conduct Authority. FCA reference number: 554381
Registered office: Solent Business Park, 4500 Parkway, Whiteley, Fareham PO15 7AZ. Registered number: 07586042
Will writing and some aspects of tax planning are not regulated by the Financial Conduct Authority.
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