In the current financial climate almost everyone is feeling the effects of inflation. Many couples have not experienced such an impact on their family budgets before; even those on fairly good incomes are feeling, if not poor, then certainly poorer.
Rose Colley, Family Law Partner at Viberts, examines how increases in the cost of living are putting more and more pressure on relationships.
Surveys show that nearly 40% of couples are reporting that their financial situation is adding to their stress levels, and in many cases arguments are caused because of this.
Many couples report that they are arguing about issues such as leaving the heating on, the increasing cost of food, and should they cut down on holidays and other non-essentials.
In ‘The Times’ recently Hannah Betts gave a good example of how she and her partner now argue far more than previously about meals out, the cost of taxis and stated that she and her partner had always viewed their finances very differently: “the relationship has always been a case of camping versus Claridge’s” but that the cost of living increases have brought the differences between them to the fore. Arguments about money and spending then ensue.
More and more couples with mortgages are also becoming increasingly concerned about interest rates and this is a real stress factor for couples whose fixed rates are ending in the next few months.
All too often couples cannot cope with increased stress and strain on their relationship and they begin to feel completely powerless. In many cases further stress is caused by worrying about if they can even afford to separate or divorce. Everything gets caught in a vicious circle of never ending money concerns.
It is important to recognise that if there are children involved, the effects of any unhappy relationship can impact very negatively on their mental health.
When pressures become overwhelming, it may be that the only way to alleviate the stress is to end the relationship and try to negotiate a way of dealing with the finances. To do this it is essential that advice is sought from an experienced family lawyer.
This may all sound very gloomy, but ways forward can always be found, and it is important to remember that very often steps do need to be taken in order to avoid a very stressful relationship becoming a toxic one that will make it even more difficult to recover from both financially and mentally.
At Viberts, the expert Legal 500 Tier 1 family team can assist you with family law issues.
Rose Colley (main picture) joined Viberts in 2000 and heads the family law team. She has been involved in many of the most significant family law decisions made in the Royal Court of Jersey since 2000. Rose deals in complex financial matters as well as cases involving children, having acted on behalf of guardians as well as the Minister for Health & Social Services.
