Family law matters for financial advisors hosted by Brodies LLP

The Aberdeen Institute of Insurance and Financial Planning is delighted to welcome Donna McKay to discuss Family law matters for financial advisors. This is a PFS North Scotland Committee event.

Upon the breakdown of relationships, it is not unusual for individuals to seek the advice of a solicitor specialising in family law. They will also seek the advice of their financial advisor. It is less common for individuals to seek the advice of a family law solicitor before making big financial decisions during a marriage or cohabiting relationship. Oftentimes, only a financial advisor's advice is sought. That could be a costly mistake. Decisions which are made to mitigate tax liabilities and for other business reasons can lead to a client's position being severely compromised in the event that their relationship subsequently fails.

The presentation will cover family law issues which financial advisors need to be aware of. Topics will include:-

1. A general overview of the law relating to separation and divorce in Scotland;
2. The unintentional conversion of non-matrimonial property into matrimonial property which then falls to be divided on divorce, and how to assist clients to avoid making this mistake (or at the very least to allow clients to make fully informed decisions knowing the consequences of their actions).;
3. The law surrounding cohabiting relationships in Scotland and claims arising from the breakdown of these relationships (and upon the ending of such relationships by death);
4. How to help protect clients from claims made by spouses/cohabitants upon separation.

Donna McKay is a Legal Director at Brodies LLP. She has practiced exclusively in family law for 22 years. She acts for clients in a variety of matters, including financial provision on divorce or dissolution of civil partnerships. She also advises on the preparation of pre -nuptial and post- nuptial agreements and on the rights of cohabitants. She is regularly instructed in child law matters such as contact and residence disputes, intra-UK and overseas relocations involving children, and adoptions. Donna is Accredited by the Law Society of Scotland as a Family Law Specialist, a Child Law Specialist and as a Family Mediator. She is also a trained Collaborative lawyer. Donna prefers to assist clients to resolve matters amicably where possible but is a tenacious litigator when required.

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