UK Wedding News
19/08/2014
A new study has revealed that couples in the UK spend around £44,000 when they divorce from their partner. On average, the research discovered the hidden cost of a divorce per person to be £21,979, with the figure jumping to £43,958 per couple.
The survey, commissioned by insurance provider Aviva, found a 57% rise in the cost of divorce since 2006 when it was around £28,000. While legal fees for divorce have fallen, the cost of moving house, child maintenance payments and other additional costs have rocketed. Many also choose to splash out on "treats" for themselves following a separation.
For example, 13% of newly-single respondents took a holiday to celebrate at a cost of £1,925, while the same percentage decided to treat themselves to technological gadgets – at an average cost of £1,292. However, for those that need to settle financial matters in the wake of a split, 53% took more than six months to sort out the issues. The average time to settle was 11.5 months, but 11% admitted it took them more than two years.
When it comes to making adjustments following a divorce, women are more likely to make changes. Some 13% said they worked longer hours or even took a second job, while one in 10 who didn't work before the separation got a job. However, they are also more likely to use 'short-term fixes' in order to make ends meet. 27% of newly-single women confessed to dipping into their savings – compared to 16% of men – while 23% relied on credit cards, compared to 14% of men.
Elsewhere, the report found that 12% of single women have no pension or savings plan in place because they were relying on their partner to fund their retirement. While 42% of women said they were financially worse off following a divorce, just 33% of men said the same. In fact four in 10 men said they were now better off in the wake of their separation. 29% of women said the same.
It's therefore not surprising to discover that 36% of those polled said they would rather stay single in the future, while 25% would walk down the aisle again.
Commenting on the research, Louise Colley, protection director for Aviva, said: "Two thirds of couples who are married or co-habiting have some shared finances, so these arrangements can take some time to unravel if a relationship unfortunately breaks down. Beginning again following a separation can be a daunting time, not to mention a busy one, but it's crucial that newly-single people review money matters when their circumstances change.
"For example, if someone becomes the sole income earner for their family unit, it's important they think about what they might do if they were unable to work, for example through illness or injury."
(JP)
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UK Divorce Costs Soar To £44,000
A new study has revealed that couples in the UK spend around £44,000 when they divorce from their partner. On average, the research discovered the hidden cost of a divorce per person to be £21,979, with the figure jumping to £43,958 per couple.
The survey, commissioned by insurance provider Aviva, found a 57% rise in the cost of divorce since 2006 when it was around £28,000. While legal fees for divorce have fallen, the cost of moving house, child maintenance payments and other additional costs have rocketed. Many also choose to splash out on "treats" for themselves following a separation.
For example, 13% of newly-single respondents took a holiday to celebrate at a cost of £1,925, while the same percentage decided to treat themselves to technological gadgets – at an average cost of £1,292. However, for those that need to settle financial matters in the wake of a split, 53% took more than six months to sort out the issues. The average time to settle was 11.5 months, but 11% admitted it took them more than two years.
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When it comes to making adjustments following a divorce, women are more likely to make changes. Some 13% said they worked longer hours or even took a second job, while one in 10 who didn't work before the separation got a job. However, they are also more likely to use 'short-term fixes' in order to make ends meet. 27% of newly-single women confessed to dipping into their savings – compared to 16% of men – while 23% relied on credit cards, compared to 14% of men.
Elsewhere, the report found that 12% of single women have no pension or savings plan in place because they were relying on their partner to fund their retirement. While 42% of women said they were financially worse off following a divorce, just 33% of men said the same. In fact four in 10 men said they were now better off in the wake of their separation. 29% of women said the same.
It's therefore not surprising to discover that 36% of those polled said they would rather stay single in the future, while 25% would walk down the aisle again.
Commenting on the research, Louise Colley, protection director for Aviva, said: "Two thirds of couples who are married or co-habiting have some shared finances, so these arrangements can take some time to unravel if a relationship unfortunately breaks down. Beginning again following a separation can be a daunting time, not to mention a busy one, but it's crucial that newly-single people review money matters when their circumstances change.
"For example, if someone becomes the sole income earner for their family unit, it's important they think about what they might do if they were unable to work, for example through illness or injury."
(JP)
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