As well as dealing with the emotional strain of a relationship breakdown and potential turmoil that could unfold, a huge part of the decision process when considering a divorce is ‘how much will this all cost’.
Aviva have recently published their Family Finance Report 2018 in an attempt to demonstrate the ‘hidden’ additional costs within a divorce. They have compared their data with the data they collected when conducting a similar report in 2014.
According to the report, couples are spending £14,561 on legal and lifestyle costs when they divorce or separate. This has increased from £12,432 in 2014. The report goes on to state that legal fees associated with divorce are £2,679 compared to cost in 2014 of £1,280.
The reality is that the divorce process is not the most expensive part of couples separating; it is usually the financial matters ancillary to divorce that can increase your legal fees exponentially. That’s why PMC Family Law provides you with cost estimates and updates throughout the process. We do not want our clients to be put under any financial pressure and therefore work with you to minimise your costs.
It is imperative that the financial matters ancillary to divorce are dealt with during the divorce process to ensure you achieve a full and final financial order.
One of the major difficulties parties face when their relationships breakdown is where they are going to live. The Report found that 46% of home-owning couples sell the matrimonial home and therefore both parties must find a new home. It is also common for one party to leave the matrimonial home whilst the other party continues to reside in the same until financial matters have concluded. However due to financial circumstances, the Report states that 16% of separated couples will remain living in the same property because they cannot afford to move out.
Typically, the Report by Aviva found that 16% of separating parties buy a new home costing on average £144,600. This has increased from £94,100 in 2014. Whilst 51% of separating parties move into rental accommodation paying an average of £7,519 per annum.
It was confirmed that on average those who rent after separation will remain in rented accommodation for 4.7 years. 19% will remain in rented accommodation for more than 10 years post-separation and 70% confirmed they feel it is unlikely they will buy a property in the future.
The Report outlines additional costs are also incurred in respect of child maintenance, holidays, buying a new car, new gadgets, dating, entertainment, redecorating, new wardrobe/makeover etc.
At PMC Family Law our expert team headed by Pauline McNamara has a wealth of experience when dealing with both divorce and financial matters ancillary thereto and are able to guide you from the outset of the process. If you would like to book your free consultation today contact us on 0151 375 9968 or email .