Don't forget your mortgage during marital woes
4 January 2018
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As the first working Monday of January marks ‘Divorce Day’ - so-called by law firms who see a surge in separation queries after the festive period, Yorkshire Building Society is encouraging married couples heading for a split not to overlook their finances.
The number of divorces in England and Wales rose by 5.8% between 2015 and 2016 according to the Office of National Statistics.[i] Whilst splitting up from a spouse can be an emotional strain it can also have serious financial ramifications.
The Yorkshire suggests that should you find yourself on the verge of a marital split, there are steps you can take to protect yourself:
Mike Sims, Senior Mortgage Manager at Yorkshire Building Society, said: “In addition to the emotional pressures a break up can cause, there will undoubtedly be financial ties you and your spouse will need to sort out – with a mortgage most likely the biggest financial commitment. “At the Yorkshire we always advise customers to contact us if their circumstances are changing, particularly those who are in or facing financial difficulties, so our specialist team of colleagues can work with them to resolve the situation positively. “We’d encourage anyone going through this difficult time to keep the lines of communication open with their mortgage lender and other financial providers to ensure they able to comfortably make any repayments.”
[i] Office of National Statistics divorces in England and Wales figures 2016 – released on 18 October 2017.
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