ICP032 – Getting divorced, care fees cross-subsidy & pension freedom progress

ICP032 - Getting divorced, care fees cross-subsidy & pension freedom progressIn episode 32 of the Informed Choice Podcast, Martin talks about getting divorced, care fees cross-subsidy, and how well the new pension freedoms are actually doing.

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There’s also a personal finance news summary and the latest iTunes review for the podcast.

Getting divorced can be a pretty traumatic experience, both emotionally and financially. This week there was an exceptional ruling by the Court of Appeal, which has ordered a hospital consultant to hand over all of his assets to his former wife.

This case is a good reminder that there are no clear rules for the distribution of assets when a divorce takes place in England. If it is left to a court to decide on how assets are distributed between spouses or civil partners, then judges have a high degree of discretion. Where there are children in the marriage, their welfare is usually given priority.

A recent report from the County Councils Network has said that as “a direct result” of inadequate social care funding, there is an increasing difference between the care fees paid by local authorities and those required by care providers to maintain the viability of their businesses.

What does this mean for care fees planning and where can you receive properly qualified advice on this topic?

Have you taken advantage of the new pension freedom rules introduced in April yet? If you’re 55 years old or older, then since the 6th of April you have been able to make unrestricted withdrawals from your pension pot.

New figures suggest pension savers withdrew more than £1.8bn in the first two months of pension freedoms.

Here are links to everything covered in episode 32 of the Informed Choice Podcast:

The Original Supper Box Co.

Cranleigh parkrun

Cranleigh Golf & Country Club

The Organised Mind by Daniel Levitin (book)

Family lawyers: 100% divorce ruling exceptional but fair (article)

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About Martin Bamford

Martin Bamford is a Chartered Financial Planner, Certified Financial Planner (CFP) professional and published personal finance author. He works with elderly clients to provide advice on funding residential care fees, hosts the Informed Choice Podcast and is a keen ultra runner.
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