I was very interested to read a summary of a recent survey conducted by Investment Management service Nutmeg. One statistic revealed by the survey was that 13% of people would marry for financial security; the rest of the survey seemed focussed on the influence, if any, of financial matters on separation.
According to the survey, 1 in 7 people who are divorced/ separated believe they stayed in a relationship longer than they should have done, as a direct result of financial worries. Interestingly, the divorce rates seems linked to the state of the economy, with the number of Divorce Petitions filed increasing significantly in 2009 when the recession was deemed to have ended. This supports the idea that, when times are tough, people do not want to take the ‘giant leap’ of separating when they are unsure of their finances.
Financial concerns on separation can pose significant hurdles to many, as many people find that the prospect of dividing one household into two would simply be to much of a burden. The financial strain associated with running two separate households and dividing up jointly owned assets can be daunting for many, and understandably so. Indeed, many couples are finding that instead of considering how to divide their assets on separation, the biggest concern is who will take on responsibility for debts accrued within the relationship.
Indeed, the survey results confirmed that more than half the females in a relationship said they would be concerned about their finances on separation. This is something we see often, when instructed by a new client. Many of those surveyed had not made provision for their retirement and lacked any savings and, according to the survey, a quarter would be wholly dependant on their partner’s retirement pot. It is saddening to think that these considerations factor into any decisions to leave an unhappy relationship.
Whatever your concerns upon marriage or separation, we can advise and support you. Whether you are looking for a pre or post nuptial agreement to plan for the future, or separation advice, we are experienced in catering for all families and can help.
If financial concerns are weighing on your mind, our competitive fee structures can remove some of the worry.
You can contact Justine Osmotherley from our Family team on 0113 336 3323 or by email at firstname.lastname@example.org
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