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Wednesday, February 28, 2024

Prenups to Property: How a Yorkshire lawyer is easing divorce concerns in 2024

Yorkshire law firm LCF Law reveals that while ‘Divorce Day’ – nicknamed by lawyers as the first working Monday of the new year – still sees a surge in divorce enquiries, 2024 brings unique challenges for separating couples.

These days, concerns about climbing back onto the property ladder and the effectiveness of Prenuptial Agreements are top of mind for clients, says Harjit Rait, partner in LCF Law’s Family Law team.

“Christmas break, financial stresses, and even in-laws often push fragile relationships to a breaking point,” Rait explains.

“While January and February remain busy, the new ‘no-fault’ divorce legislation makes the process simpler, though advice on finances and child arrangements is still key.”

Prenups Gain Popularity

LCF Law notes a rise in Prenuptial Agreements (“Prenups”) across all income levels. Prenups outline asset division in case of divorce, making the process smoother. “A well-written Prenup paves the exit strategy out of a relationship, reducing arguments and potentially keeping matters out of court,” says Rait.

But it’s crucial that Prenups are professionally drafted and updated as circumstances change.

Property Worries and Solutions

With the cost-of-living crisis, buying a new home post-separation is daunting. This can delay divorces as one partner may face high rental costs. While this is a valid concern, Rait notes that options like zero-deposit mortgages are easing the strain for some.

“It’s understandable that financial uncertainties hold people back from divorce,” emphasises Rait. “But staying in an unhappy relationship for financial security isn’t the solution. The first step is always to seek qualified legal advice to explore your options.”

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