Money is one of the most common causes of strain on a marriage. With the UK facing a cost-of-living crisis, could more marriages fall apart or will the cost and risk of getting divorced keep unhappy couples together?
Our Family & Divorce specialists share some insights into what the economic landscape could have in store for families.
Stress on a Marriage
Money and stress often go hand in hand and stressed couples will inevitably have more arguments and face challenges in their relationship. Stress spills into many areas of life and will negatively impact close relationships and unsettle family life.
When purse strings are pulled tightly, often luxuries such as holidays, dining out and romantic gifts or gestures are off the table. Strained marriages often need a level of investment and if this isn’t possible, along with added pressures, then the relationship can break down.
Many couples bicker about finances – disagreements about how to spend the household money, arguments over spending habits, debts, secrecy or the unfair distribution of finances in the home. It is often listed as one of the most common reasons for divorce in the UK.
Living in Crisis
With inflation soaring, the price of fuel at a record high and energy bills set to reach £4,200 a year by January, many households will be feeling the pressure of needing to live on a tight budget. Those couples most impacted by the cost-of-living crisis may find that when poverty knocks on the door, love goes out of the window.
We could be seeing a period where couples need to rely on a second job to top up their income, meaning that couples see even less of each other. Family savings might need to be dipped into to cover the basic living costs and families will have to ‘go without’ more frequently.
Sticking Together
There is a concern that financial pressures will mean that people remain in unhealthy and unhappy marriages out of fear of not being able to support themselves alone. Running two households is costly, the property prices are still soaring and those on a low income or single income may struggle to see how they could survive. There is also the cost of legal advice and the divorce itself to pay for.
Whilst the fear of not managing financially is completely understandable. There are many other serious risks that come with staying in an unhappy relationship. There is the obvious detrimental impact on mental health and wellbeing, the risk of an unhappy marriage becoming an unsafe one and also the hugely negative impact on children within the household.
A Happier Outcome?
There is something to be said about tough times bringing people together. As we saw with the multiple lockdowns due to Covid in recent months, this pushed some marriages over the tipping point and saw others growing closer than ever, pulling together when most needed.
Rising Levels of Divorce
There have been numerous reports from law firms across the country that new enquiries for divorce are on the rise. Many solicitors have been contacted during the summer (often a quieter time) by those looking for advice on separation and finances. The changes in law allowing ‘no fault’ divorce have also prompted many to make applications since the changes came into play in April 2021.
There is a strong possibility that after couples have ‘weathered the storm’ of the cost-of-living crisis, enquiries for separation will rise again once confidence in the economic state has picked up or the strain of living together in difficult times has taken its toll.
Thinking about Divorce?
If you feel that you could benefit from some advice from a lawyer specialising in divorce and finances to help you know where you stand, then please get in touch to book an introductory appointment.
We offer a fixed fee meeting lasting up to an hour and a half, where one of our experienced solicitors can discuss your personal circumstances, advise you of the options available and plan your next steps together.
For more information or to speak to someone, please call 01256 844888, email enquiries@lambbrooks.com or speak to our online chat assistant (who is a real person) at any time of day on our website.