Credit Crunch Latest: New research suggests the credit crunch is now affecting divorces.
In this article:
  • 48% of solicitors have seen a delay in reaching a divorce settlement as their clients hold off reaching a financial settlement until the economy recovers
  • Two fifths of solicitors say the time taken to reach a divorce settlement has increased in the past year
  • Half of solicitors say that they are being approached by fewer divorce clients in the current climate
New research suggests that many soon-to-be-divorced couples are putting-off reaching a settlement until the worst of the credit crunch is over.

Credit Crunch Latest News: Read on for Better Money Advice

The research from Unbiased.co.uk, the professional advice website, reveals that recent market turmoil has left Britons caught in the divorce settlement bubble as they hold off reaching a financial settlement until the economic situation improves.

Credit Crunch Latest: Economy Affecting Divorce Settlements

The majority of solicitors (72%) believe that the economic downturn has been influencing their clients’ attitudes towards their divorce with the main trend being delaying reaching a settlement. 48% of solicitors say that their divorce clients are keen to delay reaching a financial settlement until the economy recovers and the value of their assets increases while one in ten (10%) of solicitors say their clients are delaying their settlement in case the economy gets worse and their assets are worth even less.

The credit crunch may lead many people to put major financial decisions and developments on hold however seeking professional advice as soon as possible is always the best step to get your financial affairs in order,” commented David Elms, chief executive of Unbiased.co.uk on the latest credit crunch research.

“Getting a divorce can be a stressful enough process without also waiting to reach a financial settlement for a prolonged period of time. A family solicitor will help you through the divorce process and ensure you get everything you are entitled to from the final settlement.”

This attitude towards delaying until the economy recovers is also evident in the length of time it is currently taking to reach a settlement as over two fifths (42%) of solicitors state that the time taken to reach a divorce settlement has increased in the past year.

Credit Crunch Latest: Divorce Settlement Delays

Half (50%) of solicitors believe that recent market conditions have led to fewer divorce clients approaching them over the past year which could suggest that some people may even delay seeking legal advice in the first place on their divorce and separation matters.

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