Till debt do us part: The financial impact of divorce

Money worries are a commonly cited factor in divorce, especially if one partner is significantly better or worse with finances than their spouse.

But if poor financial management has left you with little in the bank, the cost of divorcing can leave some people feeling trapped in the shared home.

At the end of 2019, Direct Line found one in five couples stayed together due to cost concerns when they would otherwise have divorced.

Since then there have been several high-profile divorce cases including the Queen’s nephew David Armstrong-Jones, her grandson Peter Phillips, and prime minister Boris Johnson’s divorce settlement from Marina Wheeler.

Divorce has become a class divide, with the wealthy seemingly able to separate in a matter of minutes – often under the terms of a previously signed prenuptial agreement.

Meanwhile those people with less in the bank are left saving up just to cover the costs of separation, which can add to the indignity of filing for divorce.

Counting the cost of divorce

There are several factors that contribute to the cost of divorce, including:

• Renting/buying a second property for one partner to move out of the current family home.
• Associated increase in living costs e.g. paying bills separately and living on single incomes.
• Legal fees including court application fees to file for divorce, and solicitor costs.
• Child maintenance payments for divorcing couples with children.
• Future costs associated with therapy/counselling if it is needed.

The total cost of divorce can easily reach into the tens of thousands of pounds, but nobody should feel trapped in a relationship they would prefer to leave.

Because of this, divorce mediators work hard to keep things moving forwards to complete divorce proceedings amicably, with less cost and more dignity on all sides.

How mediators help in low-cost divorce

If finances are a priority in your search for low-cost divorce options, mediators are worth considering.

The vast majority of divorcing couples will have to attend a mandatory Mediation Information and Assessment Meeting, or MIAM, before a court will accept your divorce petition.

So, make the most of this opportunity to ask any questions you might have about the cost of mediation and how it compares to other methods of divorcing.

Find out more

The final cost of divorce varies depending on the method you use, how complicated your circumstances are and how long it takes to reach an agreement.

Contact Marcia Mediation today to find out more about how our experienced family mediators can help you with low-cost divorce options that are also faster, more amicable, and put more dignity in your divorce proceedings.