De-stressing your financial break-up

By Alison Porter, Founder and Managing Director, Pennywise Consultants

Member of the Compass Resolution Family Mediation Team of Experts

So, how much money do you need for the rest of your life?

It’s a big scary question, but when you are preparing to uncouple your finances during divorce it’s crucially important to get it right. But let’s face it, being asked to list every detail of spending on yourself, your home and family is a daunting task at the best of times, and these, most certainly, are not the best of times in anyone’s life.

My team at Pennywise Consultants help clients to navigate the twists and turns of an Income Needs Schedule with accuracy and empathy. As independent experts in financial lifestyle analysis, we specialise in the creation of impartial lifestyle and household budgets, working with our clients to help them establish how much money they need to live their lives. This should never be based on best guesses. A strong, evidence-based schedule is the most successful way to demonstrate your case.

Put simply, if you need to know how much money you require to finance your personal life, as well as your children, pets and property, then we’re here for you.

Economic fair play

I founded Pennywise Consultants in 2010 when a top family lawyer asked for my help investigating a ‘black hole’ in one of his divorce cases. His client, the wife, wanted to know how much of their marital money her husband had spent on extra martial activities. The analysis resulted in a substantial ‘add-back’ for the client. Since then, our niche service analysing expenditure and income streams in divorce cases and Inheritance Act Disputes has grown, and we have helped countless individuals to achieve fair financial settlements. Economic fair play is our goal. Accuracy and impartiality are how we achieve it.

It takes a village

The saying ‘it takes a village’ could not be more apt when it comes to supporting clients through the process of separation and divorce. Working with other industry professionals including mediators, divorce coaches, lawyers, barristers and financial advisors, enriches the experience, and most critically, the outcome, for those who build a team around themselves during divorce.

Because we believe this so strongly, Pennywise has created a Little Purple Book of trusted contacts, which we share freely on our website for anyone who may need them.

Getting started

Over the years, we’ve learnt that many clients are unsure about where to start when preparing a budget. But the knowledge and expertise of my team means we can help you navigate the process, step by step. Begin with the essentials, the boring bits, your ‘committed expenditure’ such as the utilities and council tax. Then start making a daily log of everything you spend and annotate your credit card and bank statements; it’s so easy to forget what you bought from John Lewis six months ago…  We need to determine all outgoings; this includes the things you might forget about, such as holidays, clothing, pet care or paying for your kids’ music lessons.

We focus on the expenditure, you focus on living

Handing over a list of your expenditures can feel really unnerving, but our team acts with the utmost discretion and professionalism. We know that preparing an Income Needs Schedule whilst going through a divorce can feel completely overwhelming and emotional, so we’re here to be kind (but firm) to give the practical support that will help you achieve the fairest financial outcome from a position of strength.

We’re meticulous when it comes to preparing a budget and we can back up every number. We’re also passionate about ensuring clients have a full understanding of their budget so they can face cross examination with confidence. Many of our budgets have led to out of court settlements after being used as an effective mediatory tool so, more often than not, we save our clients some money too.

Moving forward

We’re able to diffuse our clients’ financial anxieties. We understand how hard it is to go through a divorce; we speak to clients daily and see the emotional toll it’s taking on them. I founded Pennywise because I wanted to help people that were going through turbulent times, and I knew I could equip my clients with the facts and figures to achieve the fairest possible outcome, all while negotiating from a position of strength, ready to plan the next phase of their life.

We believe our jobs are threefold:

• we gather the facts,
• prepare the schedule and
• present the evidence.

We’re able to do this while navigating clients through the task at hand with empathy and respect, so do get in touch if you think we can help.

https://pennywiseconsultants.co.uk/