For many people, a divorce is one of the most stressful and difficult times of their life. One of the main causes for this is the financial impact it has. The cost of divorce goes beyond family lawyer fees and should definitely be taken note of.
It’s an unfortunate fact that many marriages end in divorce, but it’s a fact nonetheless. Despite the divorce rate in the UK showing signs of decline in recent years, there are still a considerable number of families and individuals who are affected by it. The emotional strain of any break up is tough to take, but the financial impact of a divorce on a family is something that can be very difficult to come back from.
So, how much does a divorce cost? In this article, we’ll take a closer look at how it affects families financially and what costs are involved.
Put Money Aside Beforehand
Preparing yourself financially for a divorce is not only a vital part of accepting that your marriage is over, but it also prevents you from being blindsided by the various costs involved. Though some may consider an emergency fund or ‘secret stash’ to be negative thinking while you are still married, you aren’t to know what lies ahead and how it could affect you financially.
You also need to make sure that the money you save isn’t in a joint account. Otherwise, your former spouse will be entitled to a percentage of it — which defeats the object of doing so in the first place. A divorce fund will be a massive benefit to prevent you having to dip into money that would usually be used for bills and other payments, therefore allowing you to maintain a sense of financial stability.
A Good Divorce Solicitor is a Solid Investment
When it comes to divorce, the importance of finding the high-quality legal representation cannot be stressed enough. Although you may be determined to keep the costs as low as possible during this period, and a good divorce solicitor will naturally be more expensive, this expense is arguably the most crucial investment during a divorce. So, this isn’t the time to opt for cost over quality.
Every marriage and divorce is different. Therefore, they require varied services and time depending on the situation. It’s for this reason that stating an absolute cost is impossible at this stage. If a divorce solicitor tells you otherwise, steer clear, as you could be surprised by additional costs later on.
Here at KMJ Solicitors, we begin with a free no-obligation consultation in which we familiarise ourselves with your situation and needs. From there, we can give you a clear breakdown of every cost that will be involved. This not only allows you to establish whether or not we’re the right fit for you, but it also gives you the peace of mind knowing that no hidden charges are waiting for you around the corner.
Marriage is a partnership both in regards to the relationship itself and in the eyes of the law. The latter means that you and your former spouse are both entitled to a share of the accumulative marital assets. Although the courts will always do their best to give both parties a ‘fair’ share, fair doesn’t necessarily mean equal, especially if children are depending on you post-divorce.
Bank accounts and other shared assets need to be dividing up, which instantly impacts an individual’s financial situation, now that they have substantially less than they did before. One of the most difficult assets to work out is the family home, as both parties will have invested money into this over the years. As a general rule of thumb, property will be divided equally to attain the funds to accommodate new living arrangements.
Dividing assets efficiently and successfully is a vital part of any divorce. During your initial consultation, we’ll establish exactly what you’re owed and, from there, begin the process of making sure you get it. If you have dependents to think about, this is even more critical, as you’ll need to support them in the near future.