Health, Beauty and Lifestyle with Denise McNamara

Divorce levels have jumped by a third in the last six years. While this country has the second-lowest rate of divorce in the EU — 0.6 divorces per 1,000 people compared to a European average of 1.6 — more of us are getting divorced, with 133,420 divorced people recorded in the 2022 Census.

Only legal since the 1995 referendum when 50.3% of voters saw it narrowly win, there was a sudden spike in applications in 2020 to 5,226 applications – the year Covid saw couples and kids sandwiched together like never before. It was also the year the waiting period for divorce was halved from four to two years.

In 2021 the numbers grew again to 5,856, showing the rates are steadily rising since permitted over the last 28 years.

In an era when Ireland still hasn’t legislated for prenuptial agreements, the biggest question for divorcing and separating couples is what happens the family home.

Margaret Barrett, Managing Director at Mortgage Navigators is a solicitor who specialises in family law and divorce. She says all financial aspects of separation must be fully explored, including the cost of drawing up the separation agreement, spousal or child support and tax implications.

A financial advisor will likely be needed too, depending on the assets involved and the degree to which one partner, or the children, are financially dependent.

A financial advisor as well as a mortgage broker will also help advise when one half of the couple wants to secure an individual mortgage which involve a high degree of personal financial planning and work with the lender.

“Those hoping to make mortgage repayments on their own, while the other spouse is removed from the mortgage, will need a comprehensive understanding of their financial situation, including the current value of the home and the outstanding mortgage payments due,” she explains.

Pictured: Margaret Barrett, Managing Director at Mortgage Navigators