Spotlight on: Complex Families, Complex Finances

Complex Families, Complex Finances

Nadia and Pete Case Study

Complex Families, Complex Finances in action

Nadia is 48, married to Pete and is an IT Manager for a national wide electrical company.

She has one child from a previous relationship; Charlie, aged 17. Charlie lives with Nadia and Pete but will soon be leaving to go to University. Nadia’s mother has recently required more help from Nadia.

Salary:£55,000

Pension: Workplace pension currently worth £100,000 (20% Defined Benefit and 80% Defined Contribution)

Employee Assistance Programme

Group Protection cover

 

 

Pete is 50 and works full time as a store manager in a global computer store.

Pete was married previously to Joanna and has 2 children Jack and Isabella, aged 6 and 8. Pete financially supports his children who he sees on a regular basis. They live with Joanna.

Salary: £35,000

Pension: Workplace pension currently worth £50,000
(20% Defined Benefit and 80% Defined Contribution)

 

 

Financial

  • Paying a fixed term mortgage which has 20 years remaining
  • Little savings due to a divorce and other debt such as credit cards
  • Helping children with school fees or university fees Getting back on the housing ladder after divorce
  • How to deal with pensions and other wealth on divorce

 

 

Children

  • Children from a previous marriage who receive financial support
  • A child who will shortly be at university but who will return to the home during holidays

Elderly care

  • A parent that requires care which will only increase as time goes on – both emotional and financial support are required