While COVID has been a wonderful opportunity to spend more time with family at home – there’s also some truth in the saying that absence that makes the heart grow fonder… and we’ve not had much of that.
Welcome to Divorce During COVID-19.
Not only have we been trapped indoors for weeks on end, but we’ve also been seeing the same people, day in day out, with the same routine and regularly with the same conversations. As the coronavirus has taken its toll around the world, we’ve witnessed unprecedented turmoil worldwide.
People have been pushed to their limits.
And no matter how much we love our family/partner/kids, it’s been a serious test of patience and commitment. We’ve often lost our privacy and our usual support networks – extended family, friends – have been limited to phone and online conversations, neither of which is ideal when it comes to opening up about our most innermost thoughts.
While we’re slowly emerging from COVID restrictions, some of us (the lucky ones) are braving public transport to get to work or working from home. (Speaking of which, what is it about online meetings that make the kids run around screaming like deranged squirrels?)
Unfortunately, during this time some of us have lost our jobs, are working fewer hours, or have taken a cut in salary. Many of us have taken a financial hit … and there’s more to come, with economists warning of a major global downturn. We’re juggling our work, fears and anxiety, partners, kids – or any combination of these. The psychological stress is confronting.
Some of us are asking: will we make it?
If you’ve asked yourself this question about your relationship with your husband/wife/partner, you’re not alone. Research has found that 55 percent of people were challenged by their living arrangements during COVID-19 restrictions.
The study, conducted by Relationships Australia, also found that 42 percent experienced a negative change in their relationship with their partner.
Basically, the pandemic has uncovered fractures where things may have, on the surface, appeared unbreakable.
At one point, we’ve all no doubt argued about whose turn it is to do the dishes, vacuum, help the kids with their online studies but as the current uncertainty drags on all these small issues become bigger. This is combined with reality and issues like tight finances (mortgages, rent, day-to-day living). Added to this is the anxiety generated by fear and rising infection numbers, and trouble is inevitable. And it’s hard to ignore what’s not working when you have no escape.
It’s important to protect yourself
Divorce rates are on the rise around the world, thanks to the coronavirus. Officially, the divorce rate in Australia is 2 for every 1000 people but it’s undeniable this figure will rise with the ongoing coronavirus situation.
Even if this isn’t you, and you’re not actively thinking about separation, it’s important to sort out a binding financial agreement, given the uncertainty and challenges that lie ahead.
A Binding Financial Agreement
is generally known as a ‘prenuptial agreement’ or a prenup, however, you can enter into one at any stage in a relationship. They cover married, de facto, and same-sex couples.
They set out:
- How you and your partner agree to divide up property or finances, including superannuation, if the marriage or de facto relationship breaks down.
- Ongoing maintenance of either you or your partner
- Anything else that relates to these areas.
A binding financial agreement is a legally binding agreement made between two parties. If these two parties can agree to terms then they can set them out in a binding financial agreement saving time, money, and heartache from the divorce process. Please click here for more information on this effective solution
Binding financial agreement advantages
No one enters a relationship wanting to get a divorce or separate, but unfortunately – sometimes things don’t work out. Binding financial agreements provide you with an agreed starting point of what you brought into a relationship and act as a protection for you both by avoiding further emotional turmoil where you can’t agree on things during a separation.
Putting in place a binding financial agreement puts you ahead of the waiting game if you or your partner decide things just aren’t working out.
No one knows how long this pandemic will go on. While infection rates fluctuate, so too are divorce rates – and the last thing you want to deal with during a pandemic is a long, drawn-out divorce. It’s best to make sure you’re prepared for every eventuality.
CM Law has family law specialists who can guide you when it comes to making a binding financial agreement. They’re on your side, and they’ll help you see your way clear during a very difficult time. Please contact us today.