Financial pressures are playing an ever increasing part in the breakdown of marriages but these same pressures are also causing many couples to delay starting divorce proceedings and tolerate unhappy relationships.
A recent survey of over 100 divorce solicitors shows the gloomy economic conditions currently facing families are having a significant impact on relationships and couples’ deciding to divorce. For the first time since 2003 the annual survey suggests extra-marital affairs are no longer the leading reason for married couples wanting to separate.
A fast growing number of couples are citing growing apart or simply falling out of love as the main reason for wanting to divorce. This rise in the number of ‘no-fault’ relationship breakdowns gives strong weight to the calls of many commentators for an additional ground for divorce which lays blame with neither partner.
It is perhaps unsurprising that financial pressures are being reported to play an increasing part in the breakdown of marriages with the number of couples citing financial problems, as the main reason for falling out of love, doubling since 2005. With jobs at risk, incomes stagnant and the cost of living continuing to rise, families and relationships are under sustained and worrying pressure from all sides.
Despite the strain being placed on relationships, the report suggests that couples’ finances mean many are having to delay starting divorce proceedings due to a lack of funds and diminished asset values. In the face of lower house prices, reduced savings and volatile investment and pension funds, jointly owned assets are acting as a ball and chain for many partners wishing to separate.
With the average value of divorce settlements falling over recent years, accompanied by a dramatic decrease in the number of large settlements of £1 million or more, some individuals are using the current economic climate to their advantage. Commencing divorce proceedings during the recession can mean benefiting from a reduced settlement based on lower asset values and lower income.
Recognising the need for professional but affordable divorce services during the recession, a growing number of divorce solicitors are offering fixed-price services to meet the demand for the increasing number of amicable and uncontested divorces.
When considering divorce, seeking the specialist advice of a divorce solicitor can ensure you receive a professional legal service that is tailored to your needs, takes account of your financial circumstances and which gives you the advice and support you need.
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