Coronavirus hitting divorcing parents in the pocket

The economic repercussions of the covid-19 crisis are far-reaching with businesses and individuals suffering financially across the UK.

For those considering or going through divorce or separation proceedings the financial impact is even greater, with most ending up with less than if they had divorced at the beginning of the year.

Expert family and divorce lawyer Chris Longbottom from Clarke Willmott LLP, says the impact on finances during these times should be a key consideration for couples and that now, more than ever, they should access professional advice before making any decisions.

Longbottom said: “The crisis is affecting separating couples from all walks of life and in the vast majority of cases this means that final settlements are much lower than they would be at other times.

“People are losing their jobs, being declared bankrupt and losing assets which means there is less ‘in the pot’ when agreeing settlements.

“Business owners are particularly affected and during this already stressful and uncertain time, full financial disclosures needed by the court create a lot of additional work when the financial impact of the economy on their status is unclear.

“It is notoriously difficult to value a shareholding in a business at the best of times, which is why we are advising people to getting professional help from solicitors, accountants and in some cases forensic accountants, at the earliest opportunity.

“At this time business owners may see the value of their assets decline so it is important for both parties to be aware of this from the outset.”

Chris Longbottom is a partner and family law team manager at Clarke Willmott LLP. Specialising in complex financial cases, Chris provides advice locally, nationally and internationally covering financial settlements on divorce, unmarried family disputes, divorce and separation planning.

Clarke Willmott is a national firm with regional offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton.

For more information visit www.clarkewillmott.com