According to official figures, UK inflation rates have risen to 3.4%. Whilst inflation rates don’t directly impact divorce rates, economic stress, to include rising interest rates and increased costs of living, can have a significant impact on marital conflict.
Here’s our top five tips to help minimise costs:-
- Obtain legal advice. Early advice will help focus your mind on the most pertinent aspects of your separation that are to be considered. Focus on property, business assets, pensions, income, and maintenance.
- Financial Disclosure – Being candid from the outset ensures all parties are fully aware as to their respective financial positions. Being open and transparent with your financial information avoids unnecessary delays and enables parties to engage in meaningful discussions and negotiations. Non-disclosure of information adds conflict, delay, and can have significant cost consequences.
- Where possible, discuss matters directly with your spouse as far as possible to narrow the issues in dispute. Often parties get embroiled in issues that aren’t worth the cost (financially and emotionally) of fighting over. If possible, try and keep emotion separate from strategy.
- Mediation – utilise mediation services to assist in the negotiation process. This involves a neutral third party who will assist and help navigate the discussions and negotiations. Mediation can be far more cost effective than court proceedings and often minimises the conflict in what is already a very difficult situation.
- Obtain a Consent Order setting out the agreement. This is a legally binding document providing financial finality to both parties. It is often a much cheaper alternative than costly litigation.
If you think you may need advice or support with separation or divorce, please contact us at [email protected] to arrange a confidential discussion.
