Some interesting statistics about Divorce in the UK have shown how high divorce levels in the UK has contributed to the national debt crisis, particularly within London, including Hendon, Moorgate and Woodford where many divorce lawyers and specialist family law solicitors are based. Divorce has a long history in London, the most infamous of which included King Henry VIII.
The high divorce rate of recent in Britain is a major factor leading to ever increasing levels of debt, a new report claimed recently. The average cost of divorce in the UK is £13000. The Debt Free Direct report claims that the break down of marriages is a significant factor behind people’s financial problems, which suggests that many are forced to take out a debt consolidation loan following the completion of a divorce procedure. The costs may be higher in affluent areas of London such as Hendon, Westminster, Moorgate or Mayfair than in less wealthy areas such as Woodford, East London or Lewisham.
The debt advisory agency has reported that those who are divorced are a third more likely to be declared bankrupt. Of those divorcees, women are running the highest risk, they are 14 per cent more likely to face financial ruin and are 26 per cent less likely to qualify for an individual voluntary arrangement, which can prevent bankruptcy. Many of these options need to be discussed with a divorce lawyer and where children are involved, a family law solicitor as well.
Heavy debts that are incurred by an ex partner are a major cause of financial problems, even after a divorce. Findings shoe that an ex’s excessive debts are an underlying factor in almost three in ten bankruptcies in the UK. After separation it is important to advise the credit card company to terminate the joint card. If you do not do this, you could well be pursued for payments on debts that your ex partner has run up. A good divorce lawyer in London and beyond will be able to give you a checklist of things to get done as soon as possible.
The divorce rate in London is historically higher than elsewhere in the UK. The History of divorce often comes back to London, where Kind Henry VIII fought through the network of councillors to ensure he could divorce Catherine of Aragon in order to marry Anne Boleyn. Other royal divorces such as that of Prince Charles, Prince Andrew and Princess Anne have seen high profile divorce lawyers and solicitors in front of TV cameras in central London during procedings. Where there are children involved and family communication has broken down, a specialist experienced London family law solicitor is also likely to get heavily involved and increase the cost of divorce.
Finding a good divorce solicitor in London is possible by word of mouth recommendation, advertising or through a Google Search. A good specialist divorce solicitor in Hendon would most likely have a shop front in the local area and be found on the first page of Google when searching with ‘Hendon’ included in the search bar. This makes getting to the first page on Google and online marketing harder for web promotion than in many other business fields.