MODERN DIVORCE: WHAT YOU NEED TO KNOW
The COST is rising The average cost of a divorce in the UK is £14,500 and rising, according to a report by Aviva. Legal fees are the biggest cost and can range from £2,000 up to £30,000 for a financial application that goes all the way to a contested final court hearing. MEDIATION is on the increase Since 2014, it’s been mandatory for separating couples to have an initial meeting about mediation to see if it might work for them. Now, nearly 40% of divorcing couples are no longer using lawyers. Some are doing DIY divorces, but there’s been a big rise in the use of mediation services. A mediator acts like a neutral referee who helps couples come to an agreement, and is usually cheaper and quicker than going to court. Introducing the DIGITAL divorce Co-op Legal Services has launched a digital divorce for a set fee of £600, which you begin online, with phone-based advice from a solicitor. The company estimates it will cut the time it takes to divorce to as little as four months, but it is only suitable for straightforward, uncontested divorces. In most cases EVERYTHING IS SPLIT 50/50 ‘Generally, any assets acquired during the marriage are considered to be part of the pot and equally owned – and therefore split 50/50,’ says Samantha Secomb from financial adviser Women’s Wealth. ‘But it’s not always possible just to split things in two, and that’s why, in most cases, there is some sort of offsetting – one partner gets the house and the other keeps their pension fund. Settlements can be complex and legal advice is essential to make sure your rights are protected and your future financial needs considered.’ If your spouse has committed adultery, it doesn’t make any difference to how your assets are divided.
‘Nearly 40% of divorcing couples are no longer using lawyers’
Men can get MAINTENANCE, too New figures show that 5% of maintenance is being paid by women to their ex-husbands. This was almost unheard of a decade ago, but reflects the fact that women are now the breadwinner in a growing number of families. ‘Maintenance is a way of providing the financially weaker party with income when a “clean break” settlement isn’t possible,’ says Samantha. ‘If it’s the right option in your situation, it will be calculated based on several factors, including earnings.’ BIRD’S NEST parenting Typically with shared custody, children move between parents’ new homes, but a new idea imported from the US is ‘bird’s nest parenting’ – and it’s on the rise here. How does it work? The children stay in the family home and the parents take it in turns
‘The average cost of a divorce in the UK is £14,500’
to live there with them. It gives children stability and, as you only need one property large enough to house the children, it tends to be cheaper too.
There’s no such thing as COMMON-LAW MARRIAGE
It’s a myth that after a number of years together, you become common-law husband and wife, with the same rights as married couples or those in a civil partnership. During divorce, married couples have a financial claim over property, pensions and maintenance, including those held in their partner’s name, whereas cohabitees have fewer or, in some cases, no claims. So an unmarried partner living in a property solely owned by the other partner would have no automatic claim over it.
PRENUPS aren’t legally binding
While a prenup will be taken into account, the court has the discretion to go against it. However, it can be useful as a way of putting into writing who’s brought what into the relationship.