Around one in six recent divorces were put off due to financial reasons, a survey indicates.
Some 17 per cent of all divorces that took place in the last five years were deferred because of money worries, according to the research among divorcees for savings, protection and retirement business Legal & General Retail.
Separations stalled due to income concerns, rising living expenses and the cost of the divorce itself, researchers found.
The findings were released to mark “divorce day” ( January 6 ), when law firms are expected to see a spike in inquiries following the Christmas period.
Two-fifths (41 per cent) of divorcees felt that it was not an equal split financially, with one party being favoured.
The research also indicated that people were much less likely to have considered pensions (13 per cent) than the value of their family home (50 per cent) when dividing assets, potentially leaving some at risk of hardship in later life.
One partner may have stayed at home to take on childcare, or other caring responsibilities, during the marriage, leaving them with less in their own retirement pot.
One in nine (11 per cent) people who had divorced had either delayed or forgotten to remove their ex-partner from their will, risking unintended inheritance disputes.
Some had also forgotten to remove their former spouse as the beneficiary to their pension (11 per cent) or life insurance (10 per cent).
Paula Llewellyn, chief customer and strategy officer, Legal & General Retail, which has produced a financial health check tool, said: ‘We understandably focus much of our energy on the emotional side of separation but, as our research shows, money is an important factor that shouldn’t be ignored.
‘Not only are people having to stay in marriages longer, because of their finances, but they are also facing increased struggles once they do it alone.'
She stated: “In case of a divorce, meticulous planning is crucial for safeguarding your future. And should you find yourself postponing your plans, utilize this period to organize your financial situation.”
Ms. Llewellyn recommended establishing a budget that accounts for altered situations and ensuring that every expense related to the divorce has been included.
She emphasized that assets must be examined to confirm nothing in the settlement has been missed, such as pensions, and crucial documents ought to be revised to guarantee that the designated beneficiaries are current.
She stated: "Many factors need consideration, and consulting a certified financial advisor could be wise to ensure nothing gets missed and that the divorce process remains equitable for everyone concerned."
In October and November, Opinium Research polled approximately 3,000 divorced individuals across the UK.
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