The first working Monday of the New Year has been dubbed ‘Divorce Day’ by lawyers who witness an annual spike in demand for their family law services – unfortunately the season of good will is far from that for many couples – and the extra financial strain that Christmas brings can often prove the breaking point for relationships that are already showing signs of strain.
Recent divorce figures from the Office for National Statistics reveal that nearly 107,000 couples divorced last year – an increase of 5.8% compared with 2015 and the highest increase since 2009 – meaning many families need to restructure their living arrangements, and if there are children involved, attempting to keep the family home as secure as possible.
With that aim in mind, a handful of mortgage lenders are now offering a product with a very special technical twist – the mortgage is held on a joint basis, as per a standard mortgage, however the deeds (ownership of the property) are held in the sole name of just one of the mortgage holders.
This can be especially useful in the case of a divorce where one party either has no income, or has a very small income, and can mean the marital home is retained and another property purchased, providing stability for children. If you would like to find out more information on Joint Borrower Soul Proprietor products, please call Steve Padgham on 020 8614 4782.
Whether you are divorcing amicably, or going through a painful divorce, understanding the families’ money is key to a fair financial settlement for both.
As Chartered Financial Planners we have 25 years of experience working with Solicitors and Family Consultants and their divorcing clients. Through the use of planning software we work with an individual, or both persons divorcing. Knowing what you have now and how that affects your financial future is key to agreeing the financials.<
We provide a simple, structured, disciplined and reviewable planning service. We will change the fundamental relationship people have with their money to give them confidence and clarity in their own future.
If you would like to arrange a consultation, please call Tim Norris or Alan Clifton on 0800 731 7614 and we would be delighted to arrange a meeting at our offices in the heart of Teddington.