25th June 2024

As golfer Rory McIlroy and his wife decide to halt divorce proceedings with a view to reconciliation, rumours are that the eye watering legal costs and possible financial settlement played no small part in the U turn.
A reported 272,000 couples have also put plans to divorce on ice this year due to finances (albeit on a much smaller scale than McIlroy’s). Research from Legal & General found that financial concerns delayed 19% of recent divorces – with income concerns, cost of living pressures and the price of divorce all cited as reasons to postpone.
Unfortunately, women are usually the financially weaker party when it comes to divorce, with women on average earning 7.7% less than men and on the whole having a smaller pension pot. Research from the Fawcett Society shows that 35% of women would like to work more paid hours than they currently do, but are unable due to a lack of flexible working options, caring responsibilities and affordable childcare. For women of colour, this number rises to 43%.
There are no set rules or calculations regarding what should happen financially on divorce, however, Judges have considerable discretion to take into consideration a number of factors such as the length of the marriage, whether there are dependent children, parties housing needs and the source of assets. No two cases are exactly the same and each case will have unique issues and considerations.
It is therefore, of paramount importance to obtain early advice about what you could reasonably expect to receive, from an experienced solicitor who specialises in this area of law, as it is a complex one with numerous pitfalls. Here at Acclaimed Family Law we have some of the most experienced solicitors in the area who deal primarily with divorce and financial matters and who are known as formidable experts in this field, offering expertise and in-depth knowledge of businesses, property portfolios, tax, pensions and international property as well as inherited assets and substantial contributions to marital assets by one party.
If you would like advice regarding how your finances could be affected on divorce or separation call us on 0114 5517555 to arrange a consultation or book online.

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