Going through a divorce can be a painful experience which may drain you emotionally and physically, but it can also have a huge strain on your finances.
Here are a few ways your finances will take a hit from divorce:
The average cost of a divorce in legal fees is around £13,000, however, in some cases this can rise to as much as £50,000! By being amicable and agreeing on matters between yourselves, you could save both time and money. You might be able to qualify for legal aid if you are unemployed or don’t earn a certain amount.
The actual documentation and correct legal paperwork can run up hefty bills. However, you can reduce the £100-an-hour solicitor fee by purchasing the forms online. There are a number of websites which offer DIY divorce services from as little as £40.
Everything and anything can be accounted for when it comes to divorce so it’s not just a cast of selling the house and splitting the bills, even court fees come into play. To initially lodge a petition for divorce, before the process has even started, you will have to pay the standard fee of £300 and then an extra £40 to apply for your decree absolute.
Due to the expensive nature of the process, a number of Brits are struggling to pay for a divorce. Could this be the reason that UK divorce rates are currently at a 40-year low?
Research from a website for people seeking extra-marital affairs, illicitencounters.com, found that more than 31,000 married couples have been put off the idea of obtaining a divorce because they can’t afford to move out or pay the high legal fees.
So for the sake of saving the pennies, many unhappy couples are sticking together.
No matter how tight your funds may be, life insurance is a product which could act as a wise investment for many. It ensures that your family is not left with a financial burden should you die.Back to top