A recent survey found that 65 per cent of adults did not consider the financial implications before divorce.
Partner Jo Carr-West says:
“The percentage of people who decide to end their marriages without taking into account the financial consequences shows how traumatic relationship breakdown can be. Many perhaps feel that the financial side of it is the least of their problems. However, it could also reflect the fact that people simply do not understand the complexities of resolving the financial issues on divorce. We seem to be a long way off having a codified system for resolving this, but perhaps these statistics should give us all pause for thought about the wider benefits of having a more transparent and formulaic system that would allow everyone to understand the financial implications of divorce.”
Read today’s, 7 November, The Times Law Diary here.