Family Finance Forum – July 2019

Family Finance Forum – 11 July 2019

Maguire Family Law hosts another successful Family Finance Forum!

On 11 July, we revisited the familiar setting of Gusto Italian’s private function room in Alderley Edge to host our latest Family Finance Forum. The event is vastly becoming an increasing success, with July marking our fourth forum since the launch in June 2018.

The purpose of the events is to take a look at various different Family Law issues which we, as lawyers, deal with every day. With these issues in mind, we focus not only on the perspective of our client(s) themselves, but also on their children, friends, family. Importantly, we aim to highlight how other professionals can become involved in supporting clients through a divorce.

What makes our forums so effective is that we welcome guest speakers from different types of professions who speak about how their role intertwines with the world of Family Law.

This time we turned our attention to the impact of the divorce process on children, with particular focus on providing financial security for children. We also spoke about the impact of divorce on the children of the family and young people and how this could be managed for their protection.

As with every event, we approach Family Law issues with the use of a memorable case study. At this forum, our spotlight was on Tom Cruise. We looked at the rise and fall of Tom’s relationships with Nicole Kidman and Katie Holmes with the help of our four esteemed guest speakers:

Elisabeth Cooper, Barrister at St Johns Buildings

The divorce process itself is relatively straightforward and barristers tend to only get involved in relation to the matrimonial finances. Elisabeth was also able to advise in relation to a financial separation between unmarried couples.

Elisabeth explained how the topic of divorce sparks a whole range of legal issues, including the division of assets, making provision for ongoing spousal and child maintenance and what happens to the children after a divorce.

Laura Willis, Private Client Solicitor at MLP Solicitors

It is common after a separation for parties to be concerned about the other entering into a new relationship, not only from an emotional perspective but also in terms of finances. If the separating couple have children, it is understandable that a parent would want to ensure that the children are protected financially in light of the other parent’s new relationship.

This is where Laura comes in. Laura shared her knowledge of the law relating to Wills and Trusts and how these can be used to safeguard the matrimonial finances post-divorce.  For example, parents may wish to set up trust funds to earmark a portion of the matrimonial pot for the benefit of the parties’ children. The aim here is to avoid the situation where, upon a parent’s remarriage and subsequent death, their entire assets and capital go to their new spouse and not to their children from a previous marriage.

Jo Bentley – Mindfulness Teacher at Mindful Outlook

A divorce can be one of the most difficult life events which a person goes through.  Dissolving a marriage involves splitting one household into two; a process which is often the source of most conflict between the divorcing couple.

It can be common for couples to get lost in the process of a divorce and let their emotions get the better of them – we are all human, after all. However, it is important that adult issues and worries are kept private and are not made known to the children.

With her expertise in how to manage a person’s wellbeing and mental health, Jo gave us some useful insights into ways in which parents can look after their own mental health whilst also protecting their children during the divorce.

Further down the road, parents also need to consider how they support their children when introducing them to a new partner and particular red flags to watch out for in their children’s mental health.  Some new partners take on the role of “step-parent” from day one, whilst others may take a more “hands-off” approach. Either way, it is important that parents manage how their new partner interacts with their children, particularly if their views on discipline or lifestyle significantly differ to that of the parents.  We were fortunate to share Jo’s wisdom, experience and advice on these key issues.

Jennifer Curtis – Solicitor and Partner and Maguire Family Law

Once again, our forum was chaired and led by our very own Jennifer Curtis who is a specialist Family Law Solicitor and Partner. Jennifer took us through Tom Cruise’s fascinating love life whilst tying this into various the relevant legal issues and the helpful input of our guest panel.

After the presentation, there was an opportunity for guests to ask questions and engage in discussions, and we were even fortunate to receive suggestions for the theme of our next forum! We finished off the evening with some light networking and causal drinks, with guests eating up the last of the delicious canapés.