Divorce is on the decline whilst the price for a Tesco meal deal is on the up. A coincidence or is there a direct correlation?
The Office of National Statistics (ONS) has reported the lowest divorce rates in the last 50 years. This is the second time annual figures have dropped below 100,000 since the original boom of the 1970s with the cost of living crisis being considered by some as a contributing factor.
Research by Legal and General suggests that 272,000 people have delayed their divorce due to the cost of living pressures in 2023 with more recent statistics expected to mirror the trend as the cost of living crisis continues to impact people across the UK.
For those that choose to divorce, the new system costs less than £600 to navigate, something that might seem feasible, but doesn’t wrap up the financial aspects of separation and the claims against one another. Struggling to agree how the pot is split, potentially with not enough to go around, can impact living standards and so may be having an impact on the decision-making process.
Matthew Kellow, Thrings’ Head of Family, said: “With most working-class couples facing increased pressure to pay bills, mortgages and other expenses, the idea of an already stretched family pot having to be split to feed two households instead of one is no doubt unthinkable for many couples, with the alternative being to prioritise financial security and instead stay in an unhappy relationship.
“This latest data not only suggests this is the case, but that divorce could also lead to additional costs such as legal fees, making it even less of a viable option. Whilst taking a path that avoids utilizing solicitors on the face of it seems cost-saving, it could lead to bigger problems down the line.
“A decrease in mortgage rates, expected to take place over the coming year, could potentially help divorcing couples by giving confidence in better living standards post-separation. Seeking legal advice at the start of the process will give more stability in knowing the priorities and position of both sides to avoid any unexpected problems as they plan their futures apart.”
Thrings Family lawyers are experienced in all areas of the law that are close to home. Whether it is marriages and pre-nuptial agreements, or divorces and separations, they will put your best interests first, taking the time to get to know you so that you are supported with sound advice tailored to your needs. To find out more, get in contact.
