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Going through a divorce or separation is undoubtedly a stressful and upsetting time, but in addition to the emotional toll involved there can often be financial costs as well.
New research by Aviva has given an interesting insight into the financial implications of divorce and revealed that associated costs have actually increased over recent years. According to the study, couples now face costs of around £14,561 when they break up, which is 17% higher than in 2014.
The findings come as the latest official data highlighted the number of divorces in England and Wales increased by 6% between 2015 and 2016 to 106,959 – the first rise since 2009. The latest figures for Scotland however show a fall of 3% in the number of divorces initiated in court between 2014/15 and 2015/16.
The most common types of costs faced by couples at the end of a relationship include legal fees, which were mentioned by 54% of respondents, setting up a new home (40%) and annual child maintenance payments (21%).
The study also found that as many as 68% of couples going through a divorce or separation have financial issues to resolve, and that on average, the process takes around 14.5 months. In its report, Aviva has urged all couples to ensure they have an equal understanding of household finances as this can help to prevent long-term financial plans from going off-course should the relationship end up breaking down.
“The breakdown of a marriage or long-term relationship is likely to be one of the most emotionally demanding life events for people who experience it,” commented Paul Brencher, Aviva UK Health and Protection Director. “Such circumstances are made all the harder due to the lack of preparedness by many.”
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