New report shows rocketing financial cost of divorce
The price of divorce has gone up massively with figures showing a 57% increase in the cost of marital breakup since 2006.
Kathryn Hicklin, Head of Family Law at QualitySolicitors Mander Cruickshank, said the figures released by insurance and pension giant Aviva further demonstrated how much divorce impacts on lives.
According to the report couples now spend an average of £44,000, or £21,979 each, in splitting up, generating a huge bill of £5.7 billion across the United Kingdom.
The study showed the surge in house prices is by far and away the biggest contributor to the cost of divorce with the typical divorcee spending over £94,000 on a new property after a breakup, plus another £5,280 on setting up home.
Although other costs such as child care were unavoidable, the survey of 616 adults shows a surprisingly large number of discretionary items such as holidays.
But the largest amount – £6,148 per person – went on pulling themselves together and looking for another partner with spending on life coaching, therapy, new clothes and dating.
Ms Hicklin said the report helped highlight how difficult divorce is.
“Divorce generally is an extremely stressful experience, so it’s not a surprise that following a break up people might want to treat themselves, for example with a holiday,” she said.
“It impacts so greatly that is important that if you are thinking of divorce that you see an experienced family lawyer at the outset who can help navigate you through a life changing experience,” she added.
The report also showed women spent more than men after divorce, resulting in 13% taking up a second job or longer hours (whereas 39% of men said that they were actually better off following separation). A further 27% dipped into savings to fund their new independence.
Anybody wishing to know more about divorce and a free consultation with QualitySolicitors Mander Cruickshank can should call 01530 510 666.