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Divorce rate tipped to rise among former City workers
Mon 04 Jan 2010
Many former City workers who either lost their job or switched to lower-paid roles could be about to get divorced, experts have suggested.
According to support group Relate, the families of one-time high flyers are used to enjoying lots of disposable income at this time of year.
However, the global financial crisis has led to lots of redundancies across the sector, as well as curbs on the pay received by City workers and a 50 per cent tax rate for top earners.
As a result, the spending power of many former City employees and their families has been reduced, forcing them to live a more modest lifestyle.
Christine Northam, a counsellor at Relate, told the Guardian she believes this could lead to marital strain in many cases, as these people are used to "living it up".
She added that tensions between a husband and wife could be exacerbated if the former breadwinner becomes depressed about the situation, as the other person may become resentful about their attitude.
Carol Ellinas, a partner at Winckworth Sherwood, commented: "Some City workers may also see this as the ideal time to divorce as any settlement will be based on current assets and income.
"They may also have time on their hands to deal with personal matters.
"There is no doubt that when times are good and money is in plentiful supply it is easier to ignore relationship problems.
"I am seeing an increase in the number of enquiries from people working in the City.
"As we are also in the City, it is convenient for them to make a brief appointment during their working day so they can get advice as to what options are available."
