Financial constraints are a significant factor preventing couples from pursuing divorce, outpacing concerns about the impact on children, recent data reveals. According to research conducted by Investec Wealth & Investment, 40% of married individuals in the UK who have contemplated divorce cite financial reasons as the primary obstacle to proceeding. This surpasses worries about the well-being of their children, with 39% attributing their hesitation to potential familial repercussions.
The study also indicates that one in ten people have contemplated divorcing their partner but ultimately chose not to proceed. Faye Church, a chartered senior financial planner at Investec, emphasises the pivotal role of financial considerations in the decision-making process, underscoring how the cost of divorce often renders it unfeasible for many.
Moreover, financial anxieties outweigh concerns about familial reactions to divorce, with a quarter of respondents citing family response as the primary reason for remaining in unhappy marriages. Only 22% expressed worries about their partner's ability to cope, while 11% cited apprehension about potential retribution.
How the Cost of Living Crisis is Impacting Divorce Decisions
The financial implications of divorce extend beyond immediate concerns, with the prospect of shouldering living costs independently serving as a deterrent for many couples. Living expenses, including rent, mortgage, and utilities, typically double for individuals living alone compared to those in a partnership. Research by the Pension and Lifetime Savings Association indicates that singles require £187,000 more in their pension to maintain a comparable lifestyle to couples.
Navigating the complexities of divorce, including property division and pension arrangements, requires careful consideration and expert advice. The process can be financially burdensome, with an average total cost of £14,500, encompassing court fees, mediation, and legal representation. While the cost of filing for divorce is relatively modest at £593, additional expenses can quickly escalate, particularly in contested cases.
Despite the financial strain, for many individuals, the decision to remain in a relationship and work on its improvement may outweigh the costs and complexities associated with divorce. However, it's essential for individuals in such situations to explore all available options and seek guidance from financial advisors and legal professionals to make informed decisions about their future.