K J Smith Solicitors

Financial worries puts off one in seven people from divorce or separation

Published: 20 February 2014

A new survey has revealed that as many as one in seven people who have gone through a divorce or have ended a long term relationship have admitted that they should have done it sooner, but were concerned about the financial burden that comes following a separation.

The survey, conducted by online investment specialists Nutmeg, also highlighted that the number is even higher with women, with one in five putting off divorce or separation due to financial concerns.

These results follow figures released two weeks ago by the Office for National Statistics which revealed a rise in the number of divorces during the recession was due to financial issues like the threat of redundancy, having to cut back on luxury items and constant arguments about money.

Since 2004, divorce rates had seen a steady decline until the economy emerged from recession in 2009, prompting an increase in the number of couples filing for divorce. The number of divorces in 2010 increased again by 4.9% but has remained fairly consistent, with only a slight increase of 0.5% from 2011 to 2012.

A second study, published on Valentine's Day by global market researches Mintel, suggests that the higher your annual income, the more likely you are to have found love. The study found that only 4% of people who earn an annual income greater than £50,000 have failed to find love. This compares with 17% for those who earn less than £9,500 per year.

The Nutmeg survey also revealed a worrying statistic that a quarter of all women will be reliant on their partner's retirement fund and a third of women have no savings towards their retirement at all.

Following a divorce, both men and women have to make changes to their lifestyle in order to tighten the purse strings, but the gulf between the two is quite astonishing.

Over 50% of divorced or separated women say their amount of disposable income has dropped, which is almost double the number of men who say the same. Two fifths of women said they had no choice but to increase their working hours following a divorce or separation, with men comparing at just under one in ten.

If you are thinking about divorce or separation and wish to speak to someone about your circumstances then we can help. We offer a free 45 minute consultation to access your situation and to advise on the best way forward. For more information, please contact K J Smith Solicitors today on 01491 630000 (Henley on Thames), 0118 418 1000 (Reading), 01753 325000 (Windsor), or 020 7070 0330 (Central London).

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