Being in lockdown has been hard on all of us, but it has been even worse for couples who were already questioning the lifespan of their marriage. With the current rules keeping everyone cooped up at home, it can intensify an already volatile relationship.
Divorce rates since lockdown have seen a significant rise, and we can tell from our own enquiries that since people have been advised to stay home, more and more couples are throwing the towel in on their relationship.
Data on divorces in England and Wales shows there is an average of 91,299 divorces on an annual basis; should the expected COVID-19 induced increase in divorces of around 40% come true, the UK is looking at around 38,000 more splits than usual in 2020.
What does this mean for the property market?
Thought a divorce is nothing to be celebrated, the property market could be welcoming many more properties if these additional divorces lead to the inevitable sale of the family home.
It would be a massive boost after buying and selling of property slowed to a trickle amid the COVID-19 pandemic, which you can read about in our article here: Lowest rate of property transactions for over a decade! But how can you benefit?
Where people split up and try to start fresh, they clearly need to get a new place to live as a priority. More divorces will naturally lead to more people looking to buy a property.
Thinking about divorce yourself? We are here for you!
We will be writing a more in-depth article on divorce in the coming days, but if you have any questions relating to divorce or property please feel free to contact us.
If you are considering divorce, we are ready to help you every step of the way. We have highly experienced lawyers waiting to take on your case.
Before you end your marriage, you will need to decide:
- how to divide any money you share
- what happens to the home
- where your children will live, if you have any
It is always possible for things to go smoothly in divorces, but often this is not the case. We will support you through thick and thin, making sure you get the best possible deal.
A few legal tips to remember
If you are considering a divorce, and are thinking about buying a new property to move into, it is advisable that you evidence the sources of funds. This is to show that the funds being used to purchase this new property are not part of the family estate. If it can be seen as part of the family estate, your ex-partner may claim ownership over it.
Likewise with purchasing, it is best to refrain from selling any major assets during your divorce. Such actions only complicate proceedings and make it more likely that your action will be seen per some ulterior motive.
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