HOW TO AFFORD A DIVORCE IN A COSTS OF LIVING CRISIS by Nick Aspley, Head of Family Law at Ringrose Law.

If we look back at last year, we can all conclude it has been a challenging year for so many. Whatever your politics, the mix of the war in Ukraine, Brexit, three Prime Ministers, fuel and power bills, strikes and the cost of living crisis make it a worrying time for most people. On top of that, the statistics will tell you that the beginning of the year is when, unfortunately, couples decide to separate, with all the emotional and financial turmoil that separation can bring on both parents, their families and especially the children.  

So money is tight and lawyers can be expensive. How can you afford a divorce? Here are ten hints and tips to help yourself;

1) Take time to think about what you want to do.

Starting down a divorce/separation process needs your time, not just actual time but emotional time as well. You need to be calm in order to think carefully about the future. The time of day when you are freshest is usually the best time to think. Take time off work or looking after the children.

2) The children’s needs come first.

It will be a difficult road for you, but it is likely to be more difficult for the children too. So think about what their arrangements might be. Two homes can be better than one.

3) Get your assets valued.

This would normally include your home, cars, any savings you have and, most importantly, do not forget pensions, especially if you work in the public sector such as the NHS, police, armed forces, fire fighters, teachers and in the civil service. May a list of your assets and what they are worth.

4) What is your mortgage or borrowing capacity?

Seek independent financial advice as to how much you could borrow on your income and earnings. Is it a realistic option for you to buy the other out of the family home or should it be sold?

5) What are your future housing and income needs?

If you are to move house, what future property could you afford? Get particulars of sale of properties you would potentially need to rehouse yourself and/or the children. Make a list of likely bills and compare that to your net income. Will you need additional income to help pay the bills?

6) Talk to each other.

This may be difficult but find a way to talk to each other to try and sort something out. It is your money, your future and your children. This could be over a coffee in the kitchen or somewhere neutral such as a park or other open space. Once lawyers are involved it can get expensive.

7) Get early professional legal advice.

A previous survey by the Law Society showed that on average 1 in 4 people or 25% who received early professional legal advice had resolved their problem within 3 to 4 months compared with 9 months without such advice.

8) Any agreement must be fair.

A judge in the Family Court must approve any agreement as being fair before it is legally binding. Getting early professional legal advice should give you a steer here.

9) Fixed fee legal advice.

Some lawyers offer free initial advice usually time limited. If you are prepared and want bespoke advice, consideration of documents including the documents listed above, with no time limit, and have that advice confirmed in writing, ask your lawyer for a fixed fee. And get it early.

10) Don’t go to court.

In most cases court is a last resort. Your lawyer can discuss with you other dispute resolution options including mediation, arbitration and collaborative law.

 

We can help – Contact Ringrose Law

If you need to talk to a family law Solicitor please get in touch. Call 01636 594460 or visit us on Castlegate and see how we can help you.