Four in ten divorces held back due to financial concerns and worries about children
A recent research study by Investec Wealth & Investment has found that as many as 40% of married people in the UK who have considered breaking up said the main reason for not going ahead was financial, with 39% saying the prime reason for not divorcing their partner was due to worries of the effect it would have on their children.
Only 22% of those surveyed were worried that their partner wouldn’t be able to cope, while 11% said they were concerned about retribution from their partner.
This very much chimes with what we see in practice.
Couples want to be sure that their divorce will still allow financial stability, and considerations such as interest rates, likely bonuses and potential tax changes can have a big impact on the timing of a divorce.
Parents also want to be reassured that the way they divorce can be managed in a way which isn’t going to be emotionally harmful to their children.
These conversations should be front and centre at the very first conversations couples have with their lawyers, financial advisors or other professionals.
Unless there are safety concerns, divorce can (and should) be managed in a measured way. First, working through the emotional side (not one for the lawyers and accountants), but then, when the time is right, moving on to consider how the needs of any children can be managed through the process, and what the financial implications will be, including a careful look at timings, so that both have an informed picture about when the right time to implement the financial division will be.
Budgeting for divorce is also key. Interestingly in the survey, more than half of respondents reported that they only spoke to one divorce lawyer. This is the trend we see – couples appreciating they need some legal advice, but cutting out the conflict and saving costs by sharing one impartial lawyer rather than appointing one each.
Thank you Investec Wealth & Investment for the fascinating research.
Author Name: Editor
Published content by The Divorce Surgery Editorial Team.
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