The month of January, and more specifically the first working day of the month, has come to earn the moniker of ‘Divorce Month’ as family lawyers often report a surge in divorce instructions after the festive period. However, since the pandemic, it seems that separating couples are choosing instead to postpone or delay their divorce as a result of the cost-of-living crisis and uncertainty regarding future income.
However, while 40% of divorcees surveyed by Legal and General said they believed the divorce process was financially unfair, only 7% would consider seeking financial advice relating to their separation.
While most people appreciate that instructing a lawyer is necessary for divorce proceedings, it is not a case of finding the closest or cheapest option if you want to safeguard any existing and future income and wealth. It is crucial to receive advice from an experienced family law expert who will take the time to understand your individual circumstances and provide solutions that maximise your benefits.
Sweeney Miller Law’s Family Law department, led by Partner Rebecca Cresswell, advises separating couples on all aspects of the divorce process, with expertise in financial settlements. Rebecca commented: “It is interesting that the data shows that, while nearly 60% of divorcing couples consider the value of their family home, only 20% think about including their pension entitlement within their divorce, which could be just as significant of a consideration later down the line.”
She continued: “Understanding your existing assets, pensions, income, and entitlements clearly, with the help of expert advisors, is key to ensuring that you can move on from your divorce in the best position financially. We work closely with a network of trusted financial advisors to help our clients achieve financial freedom and confidence following their divorce."
Clean Break Order
Rebecca and her team often discuss with clients the option for a Clean Break Consent Order, a legally binding document approved by the court which confirms that all financial ties between the divorcing couple have been severed, meaning neither party can make any claim in the future.
This is an option that only 31% of couples have undertaken, meaning that over a third of divorced individuals could be at risk of future claims against their finances.
Invest and accumulate
Using their network of financial advisors and other experts, we can work out how best to settle the finances related to your divorce, helping you move on with your life. Experienced financial advisors can advise divorced individuals on how best to reinvest or reaccumulate any funds that may have been released in a financial settlement as part of the divorce. We want to make sure your future wealth is protected and safeguarded.
Get in touch
With our experience and expertise, the Sweeney Miller Family Law team aim to achieve the best outcome in your circumstances, ensuring you have provision for the future or protecting what you have built up over the years.
To speak to a member of the team about your situation, get in touch for a free 30-minute consultation by emailing email@example.com or calling 0345 900 5401.