Peter Burgess adds: "There is definitely room for greater clarity in the public understanding of how our system works."
So what sort of help can advisers give to clients who have just gone through a divorce and may be feeling financially vulnerable - even if they are not aware of their vulnerability just yet?
Peter Burgess recalls: "I once asked an elderly friend of my family who had been widowed at a young age why she had not married again. She fixed me with a direct stare and said, 'A wise man never makes the same mistake twice'.
"Her reply made us all laugh, but the message has stayed with me. I advise my clients to think carefully before marrying again, and to do so with a prenuptial agreement if they have assets to protect.
"Clients who have just gone through a divorce may be feeling vulnerable and it can be really helpful to take appropriate financial advice from a suitably qualified professional, and perhaps speak to an unbiased adviser who can model how to make their new financial circumstances work for them."
More than an adviser
The importance of a financial adviser cannot be underestimated - not just for all the technical aspects but also for those soft skills of listening, empathising, asking the right questions and helping clients avoid making financial mistakes at or after divorce.
Tim Morris, IFA at Russell & Co, says: "I think most advisers would say they are more than just ‘financial’ advisers. [But] I don’t subscribe to labelling myself a ‘life planner’ - my clients plan their own lives and I help facilitate their plans by organising their finances."
Cavendish Ware's Mr McLoughlin says any client going through a divorce becomes vulnerable due to the anxiety, compounded or caused by, the financial situation stemming from such a split.
It is therefore unsurprising that financial advisers become a point of stability to people going through such an emotional and stressful situation.
He explains: "Divorce obviously has many sides given the disruption of such a sad event, but normally integral to this anxiety is the financial situation.
"The splitting of either one or two incomes tends to cause an immediate concern about the ability to continue a similar lifestyle which is clearly exacerbated if children are involved. Plus there are always urban myths about rights under law which only compound the confusion.
"The adviser can actually become a strong area of stability, often working closely alongside any lawyers involved."
