While many marry with the best intentions, it is a sad fact that some marriages simply don’t work out. Wealthy divorces are becoming more expensive in the UK with financier Chris Hohns divorce looking set to be the largest in British history.
The media comes alive with an attentive buzz when the finer details of high wealth divorces start to seep out, and how much each party will get always garners a lot of attention. Everyone from rich celebrities to successful entrepreneurs take a financial risk when they head down the aisle without a pre-nuptial agreement in place. However, divorce for the Average Joe doesn’t have to be such a costly debacle. Whatever your wealth; having a pre-nuptial agreement in place is the best way to protect your assets and quite possibly your sanity.
A pre-nup is a valuable way to reduce expensive legal bills and diminish the length of time a divorce takes to be finalised. It specifies how everything should be shared out in the event of a marriage turning sour. It is similar to taking out car insurance – you don’t plan on crashing your car when you drive it but you still take out insurance. Agreeing to a pre-nup is similar in the fact that it doesn’t mean the parties involved plan to get divorced. It simply means that if divorce becomes a reality, a legally-binding financial arrangement has already been laid. This saves a lot of time and money dragging a case through the courts.
Alternatively, mediation is another avenue for separated couples to explore. This process is a productive way to cut down the cost of a divorce as parties can come to a relatively quick agreement, without incurring years of court costs that they accrue as they tirelessly argue their way through every asset up for grabs. The general public will not be embroiled in a bitter divorce battle for Ferraris and mansions, but getting sound legal advice on divorce law is the desirable way forward. Whether you have a pre-nup or not, you want to try mediation as a way of resolving issues.
Sukhbeer Shergill, Head of family law at West Yorkshire law Jordans Solicitors said; “At Jordans we recommend mediation with our resolution trained family mediator as a way of solving disputes and disagreements between you and your partner and as a way to for these disagreements to not have to go through the court system. However, if issues can only be resolved through the courts we are able to provide a high standard of representation and deal with the divorce based on your individual circumstances.”
High profile celebrity divorces have instilled a distorted view that all divorces are complicated and expensive. In reality, the average person can go through the painful process without causing too much financial damage.