Brexit and divorce – what do they have in common?
Whilst it is difficult to get away from the news in relation to the “Brexit,” people often don’t know where to turn when they are faced with separation or divorce. However, there are some similarities between the topics.
It’s all about the money?
Many economists and bankers have expressed concern about the financial impact if we are to leave the EU. This is one of the issues which concerns divorcing couples the most and negotiating financial resolutions is an important part of the divorce process.
Divorce mortgage
Most people want to stay in the family home that they have invested in over the years, particularly if they have children. As property is often a couple’s biggest asset, divorcing couples worry about being able to buy each other out. However, there are many ways of making it possible to stay in your current home, including offsetting the value of the house against other assets. If you do need to take out a new mortgage, lenders will be introducing new ‘divorce mortgages’ later this year which will allow you to spread the cost of buying out a partner over a set period.
The future looks uncertain
Britain joined the EU in 1973 and given this length of time, it is understandable that some people are wondering whether we can really go it alone. The same holds true for people who have been married for a long time, especially as there has been an increase in divorces for the over 50s. For many couples, their finances have become so entwined over time it is hard to imagine how you would cope on your own.
It is important to take legal advice early and for there to be full financial disclosure by both parties. A legal advisor will be able to involve third parties such as financial advisors and pension experts to achieve the best financial resolution.
Can things remain amicable?
If we do leave, many of us hope we can remain on good terms with our European cousins for the benefit of future generations. Separating couples, especially those with young children, will have many years where they will have to continue to co-parent.
Mediation and collaborative divorce can help the parties reach an agreement without the need for attending Court. As both processes require the parties to actively work together to agree a mutually acceptable resolution, it helps to reduce conflict and animosity.
Everyone has an opinion
From Boris Johnson to Obama, everyone has a strong opinion on the “Brexit” and sometimes it can be difficult to know who is right. Separating couples often experience conflicting advice from friends and family as to the best steps to take.
It is important to take legal advice to dispel the “divorce myths” often spread by close friends, to take things at your own pace and to be properly informed of the facts.
At Mogers Drewett we specialise in providing a bespoke service which is right for you. We are able to advise on all stages of the process and can assist with every aspect of a divorce whether this is through mediation, collaborative law or other forms of negotiation.