Recent data shows that divorce rates are on the increase in line with the rising cost of living. Furthermore, more people are opting for DIY divorces and are cohabitating after separation, another impact of the cost of living crisis.
Michael Tiyce, Principal of Tiyce & Lawyers, was quoted on News.com.au today:
“With the cost of living crisis in full swing, there has been a real boom in post-separation cohabitation. Many people may continue living together because of a lack of financial capacity, they can’t afford to each be renting or for one to be paying the mortgage and another to be renting.” – Michael Tiyce
The article notes with alarm that in 2023, 47% of separating couples attempted to negotiate their own divorce without legal advice, with 33% reaching an agreement without advice. As Michael Tiyce says, this approach can leave people with less than they deserve, getting “burned by ill-thought-out agreements and delayed process times”.
Problems can arise if the separating parties disagree on what constitutes a fair property settlement, need to transfer property without incurring stamp duty, need to split their superannuation or if there is a financial agreement (also known as a pre-nup) involved.
Read the full story on News.com.au >
Image: The Separation Guide
