As many households have experienced across the UK, we are currently going through a significant cost of living crisis. This has particularly manifested itself by increases in fuel costs, with the energy price cap already having risen by 54% in April 2022 and expected to rise again by a massive 70% in October. In fact, it is predicted that by January 2023, more than 60% of UK households will be in fuel poverty, a startling statistic.
This coupled with rising inflation affecting the cost of other basic goods and services has negatively impacted the disposable income of millions and has understandably led to frictions within the family home, with money issues being one of the main causes of relationship breakdown.
Against this concerning background, family lawyers have noticed a growth in divorce rates, fuelled by the cost of living crisis. This is similar to the pattern that occurred following the 2008 recession.
However, there will be many couples who feel that they simply cannot afford to split their assets during a time of such financial hardship. This is particularly exacerbated by the fact that when a spouse leaves the family home, they often need to rent, however rent has increased by over 10% in the last 12 months. Therefore, some will be suffering in silence and potentially suffering abuse during this time. Only once they have achieved more financial stability, will some feel able to start applying for divorce, undoubtedly causing a further sharp rise in divorce.
How Moore Barlow can help
At Moore Barlow, we understand the worries and fears that you may have during this concerning time and offer a range of services to help combat the financial and emotional strain of divorce.
Mediation is one of the services that we offer, which involves you, your spouse/ex-partner and a trained mediator discussing different solutions for your finances and any child arrangements, hopefully reaching agreement about these issues and recording it in writing. This process is more cost effective than the court process in terms of time and fees than typical solicitor negotiation or via litigation, where costs can easily escalate. Such a process also ensures that you remain more in control of the outcome for your family and by avoiding the difficulties and tensions that can arise in some litigation, parents will be better placed to co-parent any children of the relationship in the future.