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Divorce Solicitors say: “Brits caught in the divorce settlement bubble”
Added: (Tue Oct 20 2009)
New research* from Unbiased.co.uk, the professional advice website which offers the facility to ‘Find a Solicitor’, reveals that recent market turmoil has left Britons caught in the divorce settlement bubble as they hold off reaching a financial settlement until the economy recovers.
The majority of divorce solicitors (72%) believe that the economic downturn has been influencing their clients’ attitudes towards their divorce with the main trend being delaying reaching a settlement. 48% of divorce solicitors say that their clients are keen to delay reaching a financial settlement until the economy recovers and the value of their assets increases while one in ten (10%) of divorce solicitors say their clients are delaying their settlement in case the economy gets worse and their assets are worth even less.
This attitude towards delaying until the economy recovers is also evident in the length of time it is currently taking to reach a settlement as over two fifths (42%) of divorce solicitors state that the time taken to reach a divorce settlement has increased in the past year.
Half (50%) of divorce solicitors believe that recent market conditions have led to fewer clients approaching them for over the past year which could suggest that some people may even delay seeking legal advice in the first place on their divorce and separation matters.
David Elms, chief executive of Unbiased.co.uk, says, “The credit crunch may lead many people to put major financial decisions and developments on hold, however seeking professional advice as soon as possible is always the best step to get your financial affairs in order. Getting a divorce can be a stressful enough process without also waiting to reach a financial settlement for a prolonged period of time. A family solicitor will help you through the divorce process and ensure you get everything you are entitled to from the final settlement.”
ENDS
* Opinium Research conducted on behalf of Unbiased.co.uk amongst 50 divorce solicitors listed on the Unbiased.co.uk ‘Find a Solicitor’search
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Notes to Editors
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘Find a Solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.