“Can I afford to divorce” is a difficult question. On the one hand, you’re managing the complex feelings that come with a marriage breakdown. On the other, you’re worried about the financial practicalities. Can you afford to live alone? What will happen to your mortgage?
That’s especially worrying if you have children to consider.
Understanding your options and finding the right solution is an important step. In this guide, we’ll explain the financial implications of divorce and discuss potential resolutions, from managing the costs to seeking advice from an expert divorce solicitor.
What is the financial impact of a divorce?
For separating couples, the costs of a divorce have always been a major concern. High-profile divorces have laid the financial impact of divorce bare for the wider public, with drawn out court proceedings and extensive pre-nuptial agreements.
But the financial impact has only worsened during the cost of living crisis. As household disposable income is forecast to drop at the most significant rate since the 1950s, it’s not surprising that many couples have been forced to postpone their divorce.
Divorce can impact your finances in many different ways, including:
- Splitting your finances, savings, assets, pensions, etc.
- Managing your mortgage
- Child maintenance
- Adapting your finances for living alone or in a single parent household
Can I afford to divorce my spouse?
The answer is “yes”, in most cases. Although this will naturally depend on your personal circumstances, there are many ways to make your divorce more affordable. You’ll need to have a clear grasp of your current financial situation – and what you could potentially be entitled to by splitting your assets.
What’s more, postponing divorce proceedings can actually have a negative impact on your finances, as well as affecting family relationships.
It’s important to seek legal advice from specialist divorce solicitors, as they have in-depth understanding of divorce laws. They can advise you about what you’re likely to receive, and what might support your case.
How much will my divorce cost?
This will all depend on your specific circumstances and the type of divorce you choose.
There are several different divorce types, with varied associated costs.
1. Online DIY divorce
With a DIY divorce, couples can apply for a divorce themselves using the government’s online portal. You’ll only need to pay the court fee of £593, as you won’t have any legal representation.
This can help couples who are looking for a low cost option, particularly if the split is amicable. However, there are many circumstances when a DIY divorce is not suitable. For example, if you have children under the age of 18, a complex financial situation, or animosity in your divorce.
It’s also important to be aware that a DIY divorce will not resolve your finances, as you still won’t have a financial agreement. This leaves you open to financial claims from your ex-spouse at a later date, including if your finances improve. So, whilst it may seem cost-effective in the early stages of a divorce, it can jeopardise your finances further down the line.
2. Fixed-fee divorce
For a cost-efficient split with legal support, many couples opt for a fixed-fee divorce. This is a suitable option if you have no ongoing disputes regarding finances, property or child arrangements, and are separating amicably.
However, if there are complex issues to resolve, including financial or child custody disputes, or issues relating to domestic violence, then a tailored divorce package will be more suitable.
At Osbourne Pinner Solicitors, we offer fixed-fee prices for uncontested divorce petitions. These set fees are:
- When working for the petitioner: £950 + VAT + court fee
- When working for the respondent: £850 + VAT
3. Divorce with hourly legal support
For more complex cases, you will require legal support from experienced divorce solicitors. They can advise you through every stage of the process, so you can ensure you’re getting the best outcome for your divorce.
Divorces that are likely to require this tailored level of support include those where…
- The parties have children under the age of 18
- There are complex financial circumstances
- One or both parties have a high-net-worth
- There is animosity between the parties
- There is a history of domestic violence in the marriage
At Osbourne Pinner Solicitors, our divorce solicitors offer an hourly rate of £250-£307 + VAT, for matters involving children. Our financial settlement solicitors also charge the same rate.
Affordable advice and support from experienced solicitors
If you’re still wondering “can I afford to divorce”, then the best step is to seek advice from the experts. It’s important to note that this blog post is for informational purposes only. Speaking with experienced divorce and family law solicitors can put your mind at rest, giving you a clearer picture of your next step.
At Osbourne Pinner Solicitors, we offer a free 30-minute consultation to discuss your circumstances, with no-strings attached. If you’d like to get the ball rolling, reach out to us through our online form below. You can also get in touch by email at [email protected] or call us on 0203-983-5080.
