A study funded by the Nuffield Foundation and conducted by the University of Bristol asked divorced people whether or not they accessed legal advice before going through the divorce process.
Over one in 10 admitted that they decided not to speak to a divorce solicitor, due to concerns over the cost. This is despite the fact that around a quarter of divorced people who did get legal advice ended up paying less than £1,000.
The driving force behind this statistic is fairly easy to guess. Now that UK divorce law has been overhauled and ‘no fault’ divorce has come into force, it’s easier than before to apply for divorce online without any legal assistance. People who are savvy online believe that they can manage the process themselves, just like applying for a bank account or completing any another everyday online process.
But while the application itself may be manageable for the tech-savvy, this is just a small part of the divorce process. More important are the decisions made between divorcing couples about how assets will be split and finances organised. And this is where experienced divorce solicitors come in, with advice about how best to achieve a fair settlement for all parties.
Experts warn of dangers of DIY divorces for women’s finances
Worryingly, also researchers drew a link between divorcing ‘on the cheap’ and unfair financial settlements affecting women. The main problem is pensions, which around 70% of separating couples don’t even discuss before divorce according to research by Scottish Widows.
Pensions are one of the largest assets within any household, alongside property and savings. In fact, data from the Office for National Statistics (ONS) found that pensions make up 42% of total household wealth compared to 36% held in property.
The issue is that women are statistically likely to have smaller pensions. Information from the University of Manchester and the Pensions Policy Institute reveals that the average pension of a woman aged 64-69 has just £28,000 in private pension savings. A man of the same age has a whopping £260,000. So unless a pension sharing order or other arrangement is put in place, female divorcees could be left considerably worse off in later life.
Emma Hitchings, professor of family law at the University of Bristol, spoke to the Guardian about the current situation with ‘DIY divorces’ and its impact on women’s finances. She said:
“In the wake of cuts to legal aid, and hampered by a lack of financial and legal knowledge, couples are trying to divorce on the cheap,”
“But this means they are bypassing a legal system designed to achieve fairness. That is leaving women worse off and putting their future financial security at risk.”
“More than a third of divorcees did not know the value of their own pension pot, let alone their spouse’s. Without all assets, particularly pensions, being considered on divorce, the future financial security of many women, who generally have smaller pension pots than men, is being put at risk.”
Need practical, expert advice you can trust on divorce and money? Get in touch with Wirral divorce lawyer Tracey Miller Family Law on 0151 515 3036 or 07795 060 211 for a free initial consultation, with no obligation.