- A tenth of people have considered breaking up but decided not to go ahead.
- The cost of divorce and financial independence, attributed to the lack of breakups
Not being able to afford to separate is the main reason couples postpone divorce, outweighing concerns about the impact on children, data claims.
According to research by Investec Wealth & Investment, up to 40 per cent of married people in the UK who have considered separating said the main reason for not going ahead was financial.
In comparison, 39 percent said the main reason for not divorcing their partner was concern about the effect it would have on their children.
Financial worries: Getting divorced will cost you an average of £14,500, experts say
One in ten people said they had considered divorcing their partner but decided not to go ahead.
Faye Church, chartered senior financial planner at Investec, said: “Money is an important part of any divorce decision, which explains why so many people thinking about getting divorced decide they can’t afford it.”
Financial worries also outweighed concerns about the family’s reaction to divorce, which was the main reason given by a quarter of respondents for staying in unhappy marriages.
Only 22 percent of respondents were worried that their partner would not be able to cope, while 11 percent said they were worried about their partner’s retaliation.
Working alone and committing to financial independence clearly means paying significantly higher living costs than a couple would.
Living alone, people will have no choice but to bear the entire burden of bills such as rent, mortgage, energy bills and other household items. This could be equivalent to singles paying double what each member of a couple pays each year, according to the Nous savings platform.
Single people need £187,000 more in their pension than each member of a couple to live the same lifestyle, according to research by the Pension and Lifetime Savings Association.
Those in relationships need £189,000 each, while singles need £377,000.
“The decision to separate is one thing, but the thought of having to sell the family home or decide who gets what pension should not be taken lightly,” Church said.
“This is an area where we can become involved quite early in the divorce process and it is vital that anyone in this position considers all options and receives advice from independent experts, including financial advisers.”
For many, staying with their partner and trying to improve their relationship may be the best option when facing the financial burden of divorce.
The decision to separate is one thing, but the thought of having to sell the family home or decide who gets what pension should not be taken lightly.
On average, getting a divorce will cost you around £14,500 in total, according to government website MoneyHelper.
While the cost of filing for divorce is only £593, other costs associated with the process can add up quickly.
Potential divorcees may have to shell out court, mediation and arbitration fees. Divorce solicitor fees generally range between £500 and £1,500 alone.
If the divorce is contested, the costs involved could run into the thousands, according to Anthony Gold Solicitors.
Of those who went down the divorce route in the past 10 years, only 36 per cent said their divorce lawyer had offered good value for money.
However, more than half of respondents reported that they only spoke to one divorce attorney.
