Death and divorce are two of the most stressful events we will potentially deal with during our lifetime. Navigating either situation is distressing enough without having to deal with the complexities of the financial side as well. When it comes to establishing accurate valuations and future living costs, expert support comes into its own.
Here, our silver and jewellery consultant, Jenny Knott, speaks to the Founder and Managing Director of Pennywise Consultants, Alison Porter, about the synergy between our businesses and the importance of working together to support clients during these difficult and emotional life events.
It takes a village
Most of us are familiar with the saying that it takes a village to raise a child. The idea being that a community of people are required to provide a safe, healthy and nurturing environment where children can thrive. It is such a powerful message that Hillary Clinton adopted it for her book ‘It Takes a Village’.
Pennywise Consultants (experts in lifestyle budgeting for divorce and contentious probate) believe that ‘it takes a village …’ either to get divorced or make a claim under the Inheritance Act 1975. Doerr Dallas also subscribes to this view and we have therefore willingly partnered with Pennywise to ensure that our clients acquire accurate valuations and adequate insurance premiums, both of which are critical for their legal teams to achieve a successful outcome.
What kind of help is available?
As independent experts in financial lifestyle analysis, Pennywise specialises in the creation of impartial lifestyle and household budgets, working with clients to help them establish how much money they need to live their lives. This should never be based on best guesses. A strong, evidence-based schedule is the most successful way to demonstrate your case.
Put simply, if you need to know how much money you require to finance your personal life, as well as your children, pets and property, then Alison and her team are there for you.
For more than a decade, their niche service, analysing expenditure and income streams in divorce cases and Inheritance Act Disputes, has helped countless individuals to achieve fair financial settlements. As Alison says, “Economic fair play is our goal. Accuracy and impartiality are how we achieve it.”
How much is enough?
So, how much money do you need for the rest of your life?
It’s a big scary question, but when you are preparing to challenge how a lovedone’s estate has been divided up, or you’re uncoupling your finances during divorce, it’s crucially important to get it right.
Handing over a list of your expenditures can feel really unnerving, but the Pennywise team acts with the utmost discretion and professionalism. They are kind (but firm), providing the practical support that will help you achieve the fairest financial outcome from a position of strength.
Alison explains, “Whether applied to divorce or contentious probate cases, our Future Budget Estimates give solicitors an evidence based report that can be used in legal proceedings. They need to be robust and withstand cross-examination.
We’re meticulous when it comes to preparing a budget and we can back up every number. We’re also passionate about ensuring clients have a full understanding of their budget so they can face cross examination with confidence.”
“Many of our budgets have led to out of court settlements after being used as an effective mediatory tool so, more often than not, we save our clients some money too.”
Knowing the value
For our part, our Doerr Dallas colleagues are here to ensure you have your possessions and property valued correctly. While most clients are alert to changes in property prices, the fluctuations in valuations of personal belongings may not be front of mind.
Having an up-to-date valuation of your Patek Philippe Nautilus or Hermes Kelly bag is vital, given that it is a legal obligation to disclose the true value of any chattel over £500 in case of a divorce.
It is also crucial, that your less obvious chattels are correctly valued. Many of our clients can find that they are overpaying insurance premiums on certain pictures and items of furniture and vastly underpaying on others. It would be a mistake to think you can import old valuation figures into the arena of divorce or contentious probate and assume this is an accurate assessment.
The problem of undervaluing is familiar to Alison too. “Clients frequently under-estimate the value of their possessions, usually due to lack of knowledge, but sometimes intentionally,” says Alison. “In either case, when they provide an insurance quotation, we need to be sure it is reliable.
We therefore find Doerr Dallas Valuations invaluable when securing quotations both for insurance premiums and security.”
Handbags
The Hermes Birkin 25 bag retails around £7,800 RRP, but sadly you can’t buy one from Hermes, unless you are a regular customer with a long-standing relationship with Hermes. So therefore, you would need to go to the secondary market to find one. However, you can’t buy one for under £25,000.
A good example of when things go the other way are brands, such a Michael Kors, Longchamp – even Versace in some cases!
Watches
The Rolex – Daytona has been around for over 50 years but still looks amazing and people want it more than ever… the base model of the newer incarnations should retail around £12,500 – but again they are difficult to find unless you have a good relationship with your watch retailer, so the secondary market is the only place to go and they will set you back £25,000-£30,000 on average.
Watches that don’t hold their value are certain fashion items, or anything by TAG Heuer. Whilst they present a pretty good buy at usually under £5,000 for a good useable watch, the secondary market sees them plummet to some times in the hundreds, as they just don’t command the respect of the premium brand.
Your trusted team
We are delighted to work with Pennywise knowing that they are trusted by top law firms, often working with high and ultra-high net worth individuals with complex needs, encompassing international lifestyles.
Both Alison’s team and ours at Doerr Dallas will provide impartial, professional valuations and guidance. In addition, we will do our utmost to help clients navigate through what can seem overwhelming, and we will do it with kindness and courtesy.
