Many people are nervous about the financial cost involved in divorcing. This often means they don’t go to a solicitor.
This can result in two unpleasant options:
- Staying in an unhappy marriage, which despite views to the contrary, can adversely affect the children, due to the tension and atmosphere between the parties.
- Carrying out a ‘do it yourself divorce’ and accepting a financial settlement, without advice, which may be far, far, less than the recipient is entitled to.
Of course, there are times when a straightforward divorce, say very short marriage, no children and no assets could indicate that there is little need to pay solicitors. In these circumstances, you may feel that you are mitigating some of the financial cost of divorcing. But this is not always the case.
It is good practice to seek at least an initial piece of advice. Many people seek a free half-hour consultation. Well, if you can obtain it, that is great, but it is becoming harder and harder to do so. When it comes to the financial cost of divorcing it’s probably worth £200, to have an informed chat and leave with some firm knowledge about what to do, how to do it, and what you are entitled to. If having had some initial advice you decide to do it yourself, or not, at least you are better informed. Remember a 50/50 split of the assets is a starting point not a definite. If all cases simply split 50/50 we lawyers and the court process would not be necessary.
Often the party in the more modest financial position, after a split, can feel he or she has little choice but to agree to a financial settlement which is inadequate.
If you are concerned about the financial cost of divorcing, there are litigation loans for legal fees, which could apply to you and help you obtain the best outcome for yourself and your children. Such a loan can put you on an equal footing with the party who has the income to pay legal fees. Ask yourself, is it worth having a litigation loan of say £10,000, to get back £400,000 rather than the £250,000 being offered?
Don’t accept an amount that leaves you vulnerable. Contact me to see if a litigation loan applies to you and can help you have a better future.