There are many times in a woman’s life when she needs trusted advice. Good friends and family are undeniably a source of good advice, but there are many circumstances where you need to consult with an expert. Whenever there is a life change, for example getting married, getting divorced, living together with a partner, having children, losing a spouse, leaving a job, starting a business or ending a business, you need the right advice on the financial consequences of these life changes.

A financial planner should be more than someone who is simply trying to sell you a product. Your financial planner should be advising you on all the practical and legal aspects that you need to take into account when you make financial decisions during your various life stages. She or he should also, where necessary, refer you to an appropriate expert.

Getting married

When getting married, you should consult with an attorney for advice and preparation of an ante-nuptial contract appropriate to your personal circumstances. Your financial planner should consider the impact of the ante-nuptial contract or lack thereof in terms of the division or sharing of your investments and life policies in the event of death or divorce or the manner in which you may deal with those investments during the marriage. If you are married in community of property, for example, you would need the written consent of your spouse each time that you deal with your investments or life policies.

Getting divorced

Divorce is another crucial area where professional financial advice should be sought. While the attorney will take care of the court proceedings and drawing up of the necessary documents, the financial planner plays an important role in advising on the division of assets and investments and particularly on how to deal with retirement fund benefits. There are various legislative changes relating to the splitting of pension benefits upon divorce, the options available to preserve the benefits and the tax implications.

Permanent relationships

Women who choose not to get married and who are in a permanent relationship with a partner or in a customary union should seek advice on how legislation deals with these types of relationships in a financial context. A woman who has been living with her same-sex or heterosexual partner is entitled to use certain legislative provisions in tax planning and estate planning and may, in certain circumstances, be entitled to the same financial benefits as a married person. Everyone’s situation is different, so you should be advised on your own unique circumstances.

Planning your will and estate

It is also important to consult the right person, such as an attorney or trust company, when drawing up a valid will. Your financial planner will also play a role here in terms of advising how the will should form part of the overall estate planning processes taking in account aspects such as liquidity in your estate, effective tax planning and ensuring a smooth transition of your assets to your heirs and beneficiaries upon your death.

Leaving your job

It is essential to seek financial advice on the available options if you resign or retire from your current job. For example, women who choose to stay at home to raise their children should consider the options of preserving any retirement capital they have accumulated. They should also consider the need to continue accumulating retirement capital.

Running your own business

If you are thinking about starting your own business, advice from a business consultant may be invaluable. Complementing this, your financial planner should be able to advise you on using life insurance cover to ensure your business’ continuity in the event of death or disability. She or he should also help you create opportunities for your staff or partners to buy the business as well as provide appropriate cover for raising finance. Advice may also be furnished in respect of providing employee benefits such as retirement benefits for staff in the business.

In conclusion, the legal and regulatory environment relating to financial planning is constantly changing. While a financial planner is by no means to be regarded as a legal expert, he or she will be able to alert you to the potential legal or tax implications of your financial planning decisions. Although many of these life changes and decisions may have a strong emotional element, a good financial planner should be able to present the financial aspects in an accurate, objective and independent manner.