Being unable to afford to split up is the main reason that couples hold off on divorce, beating worries about the impact on children, data claims.
As many as 40 per cent of married people in the UK who have considered breaking up said the main reason for not going ahead was financial, according to research by Investec Wealth & Investment.
By comparison, 39 per cent said the prime reason for not divorcing their partner was due to worries of the effect it would have on their children.
Financial worries: Getting a divorce will set you back an average of £14,500, experts say
One in ten people said they have considered divorcing their partner but decided not to go ahead with it.
Faye Church, chartered senior financial planner at Investec, said: ‘Money is a major part of any decision to divorce, which explains why so many people considering divorce decide they cannot afford to do so.’
Financial worries also beat worries about the reaction of family to divorce, which was the main reason a quarter of respondents gave for staying in unhappy marriages.
Only 22 per cent of those surveyed were worried that their partner wouldn’t be able to cope, while 11 per cent said they were concerned about retribution from their partner.
Going it alone and committing to financial independence clearly means paying significantly higher living costs than a couple would.
When living alone, people will have no choice but to shoulder the full burden of bills such as the rent, mortgage, energy bills and other household goods. This could amount to singles paying double what each member of a couple pays each year, according to money-saving platform Nous.
Single people need £187,000 more in their pension than each member of a couple to lead the same lifestyle, according to research by the Pension and Lifetime Savings Association.
Those in a couple need £189,000 each, while singles require £377,000.
‘The decision to separate, is one thing, but the thought of having to sell the family home or work out who gets what pension isn’t one to be taken lightly,’ Church said.
‘This is an area we can get involved with fairly early on in the divorce process and it is vital that anyone in this position considers all options and takes advice from independent experts including financial advisers.’
For many, sticking with their partner and trying to work on their relationship could be the better option when faced with the financial burden of divorce.
The decision to separate, is one thing, but the thought of having to sell the family home or work out who gets what pension isn’t one to be taken lightly
On average, getting a divorce will set you back around £14,500 in total, according to Government website MoneyHelper.
While the cost of filing for divorce is just £593, other costs associated with the process that can quickly rack up.
Potential divorcees may have to shell out for court fees, mediation and arbitration. Fees for a divorce lawyer are generally between £500 and £1,500 alone.
If the divorce is contested, the costs involved could rise well into the thousands, according to Anthony Gold Solicitors.
Of those who went down the divorce route of the past 10 years, just 36 per cent said their divorce lawyer had been good value for money.
However, more than half of respondents reported that they only spoke to one divorce lawyer.
