One in six recent divorces ‘delayed due to financial concerns’
Income concerns, rising living expenses and the cost of the divorce itself were reasons why people said they had delayed splitting.
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Your support makes all the difference.Around one in six recent divorces were put off due to financial reasons, a survey indicates.
Some 17% of all divorces that took place in the last five years were deferred because of money worries, according to the research among divorcees for savings, protection and retirement business Legal & General Retail.
Separations stalled due to income concerns, rising living expenses and the cost of the divorce itself, researchers found.
The findings were released to mark “divorce day” (January 6), when law firms are expected to see a spike in inquiries following the Christmas period.
Two-fifths (41%) of divorcees felt that it was not an equal split financially, with one party being favoured.
Money is an important factor that shouldn't be ignored
The research also indicated that people were much less likely to have considered pensions (13%) than the value of their family home (50%) when dividing assets, potentially leaving some at risk of hardship in later life.
One partner may have stayed at home to take on childcare, or other caring responsibilities, during the marriage, leaving them with less in their own retirement pot.
One in nine (11%) people who had divorced had either delayed or forgotten to remove their ex-partner from their will, risking unintended inheritance disputes.
Some had also forgotten to remove their former spouse as the beneficiary to their pension (11%) or life insurance (10%).
Paula Llewellyn, chief customer and strategy officer, Legal & General Retail, which has produced a financial health check tool, said: “We understandably focus much of our energy on the emotional side of separation but, as our research shows, money is an important factor that shouldn’t be ignored.
“Not only are people having to stay in marriages longer, because of their finances, but they are also facing increased struggles once they go it alone.”
She added: “If you’re going through a divorce, careful planning is essential to protect your future and, if you are having to delay your plans, use the time to get your finances in order.”
Ms Llewellyn suggested setting a budget accounting for changed circumstances and making sure all the costs associated with the divorce have been factored in.
Assets should be reviewed to make sure nothing in the settlement has been overlooked, including pensions, and important documents should be updated to ensure the named beneficiary is up to date, she added.
She said: “There are lots of things to consider and a qualified financial adviser might be the best person to speak to to make sure nothing is overlooked and that the divorce is fair and equal for all involved.”
Opinium Research surveyed nearly 3,000 people who are divorced in October and November, across the UK.