65% of divorcees didn’t consider the financial implications of leaving their partner

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By Luke Wilson 

  1. 65% of adults didn’t consider the financial implications of a divorce
  2. Over a third of marriages end because the couple grew apart
  3. On average couples have more concern over their assets than children

65% of adults in the UK took no consideration into their finances when applying for a divorce with the need to leave their partner much greater.

Divorcees in Nottingham have neglected their finances the most with almost three quarters (74%) of those surveyed claiming money was no object.

Those in Southampton followed (73%) with the top three rounded off by those in the steel city of Sheffield (71%).

Interestingly it’s those in Generation X who had the most laissez-faire attitude with 75 per cent of those aged 55-70 saying that they wouldn’t consider their finances and assets when leaving their partner.

In contrast, professional law practitioners were surveyed and 50 per cent claimed they believed under 10 per cent of those going through a divorce would neglect their finances.

The survey conducted by Stowe Family identified the UK’s attitudes towards divorce and the experience that a 1000 couples went through during the process.

When analysing the reasons for leaving your partner, over 1/3 (39%) of divorcees simply claimed that they’d grown apart. Adultery was also an occurring theme as 37 per cent of UK claimed it was the catalyst for their separation.

The lawyers agreed with this finding as 86 per cent claimed they believed growing apart was the main motive for a divorce.

Interestingly, those closest to us had little to no role in the ending of marriages with family members (6%), children (5%) and friends (4%) not being considered an issue. Suggesting that the decision remains a very private matter.

The biggest stumbling block for those going through a divorce was splitting their assets with over 1/4 (26%) admitting it was putting them off completing the process.

Children were also a large concern with 19 per cent claiming it was impacting their decision making.

Surprisingly, of those that are still married, 37 per cent of respondents admitted that they have thought about asking their partner for a divorce at some point in the relationship.

Glaswegians were most likely to think about divorce (55%) followed by those in Norwich (53%) and Leeds (50%).

Although divorce is a difficult decision, 80 per cent of those surveyed claimed they had no regrets over the decision they made.

Julian Hawkhead, Senior Partner at Stowe Family Law, comments on the findings:

“I am fascinated by the results of our first national survey. I find it staggering that so many people are unmindful to the financial impact a divorce can have, especially as this is often the area that causes the most conflict.

Personally, I agree with the high proportion of people choosing to separate as they had simply grown apart. This is certainly something I see amongst my clients and adds to the argument for a change to the law to allow for no-fault divorce instead of people having to proportion blame or wait for two years before divorcing.”

To read the full study including the Q&A click here

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