Consilium: Credit crunch 'could slow divorce rate'

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Consilium: Credit crunch 'could slow divorce rate'

Divorces could slow down during the credit crunch due to problems in property equity, Consilium Financial Planning Ltd has said.

Kevin Morgan, managing director, said that he had a "gut instinct" that divorce rates would fall with the credit crunch.

Explaining that the "equity" in a marriage is property, he said divorce would slow down because "If it can't be sold, it's substantially more difficult to release funds."

While remortgaging was an option before the crunch, "with the tightening of mortgage funds this avenue leads to a cul-de-sac".

According to the Office for National Statistics, the divorce rate is now at its lowest since 1984.

In 2006, divorce rates for men and women under 40 fell by ten per cent and nine per cent respectively, compared to the previous year.

The provisional divorce rate in England and Wales fell for a second consecutive year and by seven per cent compared with 2005 levels.

ADNFCR-323-ID-18703740-ADNFCR

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