Divorce & separation: financial clarity for midlife women

NOON’s Beyond the Break research found that many women in midlife are initiating divorce – in fact, 60% of divorces are now started by women. There is far less stigma attached to divorce than in the past; many women reaching their 50s are considering what they want their next 30-50 years, the ‘afternoon’ of their life, to look like.

But the research also revealed a worrying lack of financial awareness:

• 29% of women entering divorce knew little or nothing about their financial situation
• Only 9% sought any financial advice before or during their divorce

This leaves many women vulnerable at a time when informed decision making is critical.

Finances in divorce can be complex, especially where wealth is held in businesses, investments, property portfolios or multiple countries. Many women:

• Don’t know what assets exist
• Don’t have access to accounts or tax information
• Underestimate the value of pensions
• Focus on keeping the family home without understanding long-term affordability

Women who did seek early financial advice in NOON’s research said it saved them money, stress and time.

Sehjal Gupta is BKL’s senior specialist in divorce and separation. When she went through her own divorce, “get your ducks in a row” was the first advice she was given, and now her number one recommendation to clients.

It means gathering key information at the outset:

• Bank accounts, including any you don’t actively use
• Credit card statements
• Details of ongoing household spending
• Records of joint assets or debts
• Awareness of any business interests, inheritances or international assets
• Documents that might later be hard to obtain

Divorce becomes much easier – practically and emotionally – when a woman understands her starting position.

Divorce is not just a legal process: it includes financial and emotional journeys too. Based on research and experience, the ideal “divorce team” typically includes:

• An accountant or tax adviser
• A lawyer
• An independent financial adviser (IFA)
• A therapist
• And, for many women, even a personal trainer to help rebuild strength and confidence

Different people need different types of support, so shopping around to find the right fit matters.

Many women are surprised by how emotionally complex divorce can be. Research shows:

• Women often feel overwhelmed at the start
• The settlement that eventually feels fair may seem shocking initially
• Relationships beyond the marriage – with in-laws, extended family, or grandparents – can be unexpectedly affected
• The process can feel like a “depth charge”, triggering new issues just when earlier ones seem resolved

This emotional journey runs alongside the legal and financial journeys, and the three often influence each other.

This is where specialist advice becomes essential. Sehjal Gupta and her specialist BKL team work extensively with:

• International clients
• Assets held in multiple countries
• Global tax issues
• Cross-border marriages and divorces

Sehjal often acts as a Single Joint Expert, providing neutral financial and tax analysis to both sides.

BKL’s membership of DFK International means access to accountants and tax advisers in jurisdictions worldwide.

Different countries, and even different regions, can have very different divorce regimes. Where proceedings begin can determine:

• Financial rights
• Entitlement to assets
• How lifestyle needs are assessed
• The treatment of businesses or inheritance

London is often regarded as one of the most favourable jurisdictions for women, so understanding where to file (and how quickly) can be crucial.

1. Gather information

Understand your financial landscape before anything begins: accounts, spending, assets, debts, pensions and documents.

2. Build the right team

Seek out professionals you trust: a lawyer, an accountant or tax adviser, a financial adviser and emotional support. The right team can save you time, money and stress.

3. Shop around and empower yourself

Not every adviser fits every personality. Talk to several people and choose those who make you feel safe, empowered and informed.