Friday, 20 April 2012

How to avoid debt on divorce

The stress of managing debt can often contribute to marriage breakdown. Figures now show increasing numbers of people running up significant debt while going through the divorce process.
Our Vicki McLynn was interviewed on BBC Breakast TV this morning on this issue.
Legal costs charged by divorce solicitors are reported to be one of the main causes of this debt. In order to prevent legal fees escalating during your divorce ensure your solicitor is a family law specialist and listen to their advice while you are negotiating your divorce settlement. 
Think carefully about those issues on which you want to fight and whether the cost involved is proportionate to the potential benefit. Try not to let emotion cloud your judgement.
There are alternative processes to reach a divorce settlement which can also help keep costs to a minimum.
Similarly although retail-therapy or a luxury holiday may seem like the answer to the stress of divorce proceedings it is likely to leave you paying off debt long after your divorce has finished.
For more divorce advice read our family law blog or follow us on Twitter @Divorce_experts.

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