28 May, 2010
Forbes Solicitors is warning divorcing couples not to bury their heads in the sand when it comes to debts of the marriage.
The current economic climate is a contributory reason for many clients instigating divorce proceedings and the debt that many clients find themselves in, only serves to increase hostility between clients.
It is important to seek advice from a Family Solicitor as soon as possible; regarding the impact debt of the marriage can have upon a financial settlement.
Divorce Solicitor Sarah Hinde at Forbes comments "Divorce can be a worrying time for clients. With the added pressure of debt, many divorcing couples are finding there aren't enough assets to go around and rather than negotiations focusing on how the assets of the marriage are to be divided, the focus is upon who is to take the burden of credit card debts and personal loans. For some client's the reality is that liabilities may become secured on the Family home, Charging Orders may lead to a forced sale of the family home and bankruptcy may also be added to the equation!"
Sarah advises "it is important for client's to take practical steps speedily such as considering eligibility for State Benefits and applying out of the Social Fund for a budgeting or crisis loan. Do not ignore creditors and contact them urgently to try and reach a realistic agreement of repayment of the debts."
Forbes family law team is made up of specialist family / divorce solicitors who offer advice on all areas of family law, including divorce, division of assets following marriage breakdown, cohabitee issues, ancillary relief, civil partnerships, children matters and change of name deeds.