How My Divorce will Affect My Savings and Financial Position

Woman Removing Wedding Ring

No couple gets married or enters into a civil relationship to eventually separate, but that is the reality for almost half of the couples in the UK. Even the most amicable of the divorces and separations can turn into long, drawn-out affairs with arguments over financial and assets settlements. A divorce settlement is essentially an agreement to separate the assets and finances in an agreeable way. The most devastating cost of any divorce or separation in a civil partnership is on the family, but the financial cost is no less. The divorce proceedings and financial settlements can be tiring. It is, therefore, mandated that the couples seek the help of the best divorce lawyers in London to navigate the complexities of divorce laws.

Financial Cost of the Divorce on Women

Women suffer considerable financial burdens during and after the divorce. The financial inconvenience is the highest in the first year after the divorce or separation. The financial burden varies depending on how much money the woman contributed to the family expenses before divorce and the ability of the husband to bear child expenses after the divorce. According to a government report:

  • About one in five women fall into poverty due to divorce.
  • About one in three women lose their maternity homes after the divorce.
  • Three out of four divorced women don’t receive full child-support payments.

However, the situation for female partners in a divorce has improved due to better legislation and the ability to find a job after the divorce. It is advisable to have the support of professional law firms in London to obtain a just and reasonable financial settlement.

Financial Cost of Divorce on Men

After the divorce, most men face a drop of 10-40% in their living standards. Expenses of child support, divorce proceedings payments, a separate home or apartment, and the loss of ex-spouse’s income add up to their financial woes.

  • Men who contribute less than 80% of their family income before the divorce suffer the most.
  • Divorced or separated men who share the custody or joint custody of the child incur additional expenses.
  • The finances required for child support payments are taken out directly from the paychecks of divorced fathers.

To get more information on divorce-related financial settlements, you can get in touch with the best divorce lawyers in London. They will help you out with entire divorce proceedings and obtain a favorable financial and asset division.

Division of Assets During a Divorce or Separation

When deciding on the division of assets, solicitors and court will investigate the following factors:

  • Income, earning capacity, property, and other financial assets that each partner has or will possibly have in the near future.
  • The financial needs, responsibilities, and obligations that each partner has or will possibly have in the near future.
  • The living standard of the family before the divorce or separation.
  • The ages of the partners and duration of the marriage or civil partnership..
  • Any mental or physical disability of either partner.
  • The value to each partner of any benefit that one partner can lose because of the divorce or separation.

Get Legal Advice from the Best Divorce Lawyers London at Osbourne Pinner

We are one of the best divorce law firms in London that offer legal counsel on matters related to divorce and family laws. We help clients proceed amicably and provide professional representation in the family courts to help you get a reasonable financial settlement in the divorce along with maintaining the welfare of the children involved.

Contact the best divorce lawyers in London at Osbourne Pinner to book a consultation with the legal wizards of family law in the UK.

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