Divorce set to peak after summer holidays
With divorces set to peak after the summer holidays, one of the South West’s leading divorce lawyers is highlighting the financial pitfalls of DIY divorces.
Top divorce lawyer Liz Allen, head of the family law team at Stephens Scown LLP explains: “The end of the summer holidays, along with early January, are the two times of year when divorces traditionally increase. Financial worries and spending more time together as a couple can often bring issues to a head and lead to relationship breakdowns.”
With legal aid no longer available for most separating couples, there has been an increase in so-called DIY divorces. However, for many couples this is not the end of the story, with financial issues leading to claims years later.
Liz adds: “There are two stages in a divorce – obtaining a decree absolute and agreeing a financial settlement. We are seeing an increasing number of divorcees coming back to us years after obtaining a DIY divorce because they have not agreed a financial settlement. Most divorces have complicated financial aspects, which could include property, pensions, investments and inherited wealth. It is very difficult for people with no experience to untangle all of these elements. The result can often be very stressful and equally costly further down the line.”
There is no time limit on bringing a financial claim after divorce. This was highlighted last year in the ‘Eco-millionaire’ divorce where Kathleen Wyatt brought a financial claim against her former husband Dale Vince, the founder of Ecotricity, despite their separation taking place over 30 years earlier and his fortune having been built up long after they split up.
Liz concludes: “So the message is, a little time and legal cost at the point of the divorce in order to conclude a clean break settlement, could save potentially hundreds of thousands of pounds at a later stage - not to mention the stress and heartache involved.”
Liz Allen has been selected to appear in the Honours section of the 2016 edition of the ‘Citywealth Leaders List’ which has recently been published. Liz also features in the ‘Power Women’ list. She is the only family lawyer in Devon and Cornwall to have been named in the Honours section of the eleventh edition of the annual directory.
The Citywealth Leaders List is compiled through the recommendation of industry peers, clients and other organisations and is distributed to advisors in private wealth management around the world.
Stephens Scown has over 290 staff, including more than 50 partners, across its offices in Exeter, Truro and St Austell. For more information visit www.stephens-scown.co.uk
