The credit crunch is helping keep family units together, bucking the high annual trend for New Year divorce according to solicitors at Wake Smith.
Traditionally solicitors across the UK receive an influx of divorce enquiries in January from men and women who have felt the pressure of the festive period on their marriage. Family rows, infidelity at the office Christmas party and money concerns are commonly cited reasons for divorce from couples at breaking point, according to the Sheffield solicitors.
However, this year more couples are expected to bear the brunt of festive rows as Lindsey Canning Family Law and Childcare Associate at Wake Smith Solicitors explains:
"The credit crunch is creating an additional pressure on couples, influencing their decision on whether to separate or not. We are seeing couples delay separation purely due to falling property values and we expect this to impact on the number of divorce proceedings in the New Year. People have real concerns about finding somewhere new to live when getting a mortgage today is so difficult."
More couples are already turning to alternative cost effective ways of resolving their problems - Wake Smith has already witnessed a 50% rise in couples using their mediation service, Focus Family Mediation, compared to the same period in 2007. Mediation is a process that provides a fair and cost effective solution for couples intending to separate, by helping to resolve the consequences of the breakdown of a relationship by concentrating on the future and helping to sort out practical and legal arrangements.
However, should divorce be the only option, women should be aware that many men maybe in a better situation financially.
"With uncertain economic times, and fewer bonuses being handed out, men could secure a better financial settlement by offering a relatively modest capital sum to their spouse rather than paying maintenance (not including child maintenance)," said Lindsey.
"However any husbands who are still required to pay spousal maintenance need to be aware that when the economy picks up and their bonuses return, wives can apply for an increase in their maintenance payments."
For more information on divorce and family matters please contact Lindsey Canning on 0114 266 6660 or email [email protected].
