Press comment: No-fault divorce is simpler, but financial complications will remain

9th April 2019

If you’re covering the introduction of no-fault divorce legislation please see the following comment from Heather Owen, financial planner at Quilter Private Client Advisers covering five financial planning issues that need to be considered with any divorce.

“Today the government is taking steps to bring archaic divorce legislation up to speed with modern life, with a new ‘no fault divorce’. Divorce law hasn’t changed since 1973 and it’s outdated nature is hard to miss. Currently divorces are only granted after it can be proved that the marriage has broken down because of adultery, desertion or “unreasonable behaviour”, or because both spouses agree to the divorce and have lived separately for more than two years.

“The new legislation aims to overhaul divorce law and reduce family conflict. But no matter how good natured your divorce is or how simple it seems, the separation of jointly owned assets can be costly and complex and requires a rethink on estate planning, inheritance and tax planning.

1. Review your will

“It is vital to review any existing will and write a new will to make sure that your estate goes to the people you love and not people you used to.

2. Consider life insurance

“It’s important to consider if you have appropriate cover. Particularly if you had a join life policy. Like a will this is not automatically revoked on divorce, but it’s a good chance to ensure that your cover is still adequate, and would pay out what you need when it’s needed, because it’s likely financial commitments and liabilities could change post-divorce.

3. Ponder pension benefits

“Similarly, if you have been working hard your whole life to build up a tidy pension pot for yourself it’s critical you review who you’ve nominated to receive the pension in the event of you dying.

4. Don’t forget the trustees

“Alongside pension nominations other key estate planning issues to think about include trusteeships and asset ownerships.

5. Consider control

“Divorce often leads to complex family situations as partners remarry or select new partners. No one knows what the future holds, and even if you don’t think you’ll end up being part of a complex family structure, you or your children could be at some point in the future. If you want your wealth distributed in a certain way, or personal possessions passed to certain loved ones, then you must plan for it. Investing in a trust can help to provide control and certainty over how and when wealth is distributed.”


For more information contact

Kathleen Gallagher
023 8072 6293 
07990 004932 

Notes to editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £110.4 billion in customer investments (as at 31 December 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Old Mutual International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

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