Financial planning through life’s turning points

Why financial planning matters during times of change 

Transitions often require decisions at moments when clarity feels hardest. Common challenges include:

• Understanding new financial realities
• Reevaluating long term goals
• Managing cash flow during disruption
• Making decisions under emotional pressure
• Knowing what requires immediate action

The right plan helps you regain stability and make informed choices. 

 

1. After divorce: rebuilding clarity and confidence 

Divorce is both emotionally and financially complex. Beyond legal settlements, it often reshapes your long term plans and day to day reality.

Reassessing your financial picture
Divorce may alter income, cost of living and future goals. Reviewing pensions, savings, investments and property helps you understand your new baseline.

Providing for children
For parents, clarity matters. Ongoing payments can provide sustained support, while a lump sum may offer a cleaner break that gives you more control over planning.

Deciding whether to keep the family home
Questions to reflect on:

• Can you afford the mortgage and upkeep alone?
• Would downsizing offer greater long term security?

Understanding pension implications
A full review may help you understand any pension sharing orders, update pension nominations and reassess your own retirement needs along with how to build towards these from now. 

💡 Early planning helps create tax‑efficient retirement income and restore confidence. 

 

2. After losing a spouse or partner: protecting your future while making space for grief

Bereavement brings both emotional overwhelm and immediate practical demands. Many people find themselves managing finances they’ve never had to handle before. 

What needs early attention 

• Ordering death certificates
• Notifying banks, insurers, lenders and pension providers
• Understanding any immediate benefits available

What comes next 

• Savings and investment decisions
• Reviewing your income and expenditure needs
• Considerations around  property and whether you wish to sell or retain it
• Redesigning your long term plans  

Understanding pension benefits 
Depending on scheme rules, you may inherit certain pension benefits. You may also be able to use your spouse or partner’s National Insurance record to increase your State Pension entitlement. This can be difficult to understand, as is something a financial planner can help with. 

Tax considerations  
Married couples and civil partners usually benefit from the spouse or civil partner exemption on inheritance tax. Situations where this may not apply are limited and usually relate to non‑UK domicile.

💡 A financial planner can help prioritise tasks and decisions during this difficult time.  

 

3. Receiving an inheritance: balancing opportunity and responsibility  

Receiving an inheritance - often during a time of loss - can be emotionally complicated. 

Common risks

• Impulse spending
• Pressure from family and friends
• Feeling uncertain

How planning can help
A structured approach allows you to:

• Allocate funds for long term stability
• Understand potential tax implications
• Decide whether to invest, reduce debt or support family

💡 Many people find it helpful to pause and place funds temporarily in low risk accounts while deciding next steps. 

 

4. After selling a business: redefining your financial purpose   

Selling a business can create both freedom and uncertainty. The emotional shift can be significant, even when the financial reward is substantial. 

Navigating the change 
The drive, identity and routine of business ownership can disappear overnight, leading to a period of adjustment. 

Key considerations after a sale

• What are your objectives?
• Should you retire, consult or start something new?
• How much income will you need each year?
• How and when will any post‑sale tax be paid? (This often means holding funds on deposit or in short‑term instruments like gilts.)
• Should you support family or begin charitable giving? 

Planning opportunities

• Boosting pension contributions
• Taking advantage of available allowances
• Using ISAs for tax efficient investing
• Exploring charitable giving options (including but not limited to Donor Advised Funds) 

💡 A structured financial plan helps prevent impulsive decisions and provides clarity about your long term direction. 

 

5. Serious illness or long term care needs: maintaining stability during uncertainty 

Serious illness, whether your own or a loved one’s, can reshape financial priorities instantly. Planning early helps reduce stress and preserve stability. 

Understanding the impact
Illness can affect income, increase living costs and introduce new long‑term needs, including possible changes to your home. A financial review can help identify gaps and available support.

Funding long term care
Care requirements vary widely. Understanding the range of options, from state benefits to insurance or personal savings, helps you plan effectively.

Reviewing insurance and protection
Critical illness cover, income protection, life insurance and employer benefits can provide valuable support.

Supporting family
Serious illness affects everyone in the family. Planning early helps protect loved ones and minimise the administrative burden they may face.

💡 Early planning gives you clarity, choice and reassurance about the future. 

 

How good planning supports you through every transition  

A strong financial plan provides:

• A clear picture of your financial position
• Realistic options for your next steps
• Confidence during emotionally charged moments
• A sense of control when life feels uncertain
• A long term strategy that adapts as life evolves