Couples urged to think about finances during divorce
While getting divorced can be a stressful and painful time for both parties, it is still important for the couple to think about the financial implications of their actions, it has been suggested.It has recently been reported that a former television news correspondent has ended up living rough following the loss of his job and the subsequent break-up of his marriage led him into significant financial debt, but advisers Lowland Financial have claimed that people can avoid massive debts during a divorce provided they keep things amicable.Managing director Graeme Mitchell explained that agreeing on who can benefit from different assets - such as giving the home to whoever will be looking after the children - can make the process easier and more sustainable.He added: "If you've got a big family house [it may be beneficial to] hang on to that while the children are growing up, and then potentially downsize, which releases capital and gives the spouse an option in terms of planning for her future."According to the most recent government statistics, the UK's divorce rate was 12.2 divorces per 1,000 marriages in 2006, following two consecutive years of falls. The divorce rate is now at its lowest level since 1984.
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