The recession is affecting people in ways we wouldn’t ordinarily think of. With falling house prices, matrimonial solicitors say that an increasing number of couples are finding it uneconomical to divorce or separate.
A rising number of home-owning couples are in negative equity or unable to achieve the equity from a property sale sufficient for deposits on new properties for both parties.
And it is being widely noticed that prospective clients are seeking initial legal advice but then declining to proceed due to the disappointing value of their marital home.
With comparatively low mortgage LTVs available, those looking to purchase have to find larger deposits for two properties from reduced equity.
If money is tight for these individuals their legal costs could be covered by legal aid funding but they will also require sound financial advice. Independent advice in such a situation, where there is more than one property to consider, is likely to be more flexible and satisfactory to a couple than direct advice from a lender.
With more unhappy people sleeping on the sofa because they don’t think they can afford to get divorced, your advice could be the answer to their needs.
Sound financial and legal advice is a constant that everyone needs and can help minimise the pain of the credit crunch. The trick for all of us is finding those who have been affected and assessing how we can help.