The beginning of January is often referred to as boom time for family Solicitors with the first working day back in the office also aptly named ‘divorce day'. The end of the holiday period and the beginning of a new year is often the drive for couples to begin the process of separating and sorting their financial affairs. However, recent media reports that the current cost of living crisis and associated financial pressures have meant that more than 270,000 couples have delayed separating.
The decline in the economy following the pandemic in 2020 has had an impact across all sectors of the economy and has had a filtered knock-on effect on the purse strings in every household. As a result, it appears that couples may have contemplated delaying their separation and staying together over fear of the financial repercussions that may follow. Researchers at Legal & General found that financial pressures have delayed 19% of divorces.
It is important that if a couple is facing a separation or divorce they should consider early intervention and advice from an experienced family solicitor. By seeking advice early, it ensures that individuals are informed of their options prior to making any decision and this can often make the separation process quicker and more cost-effective.
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