They’ve brought up the kids and cleared the mortgage – yet as many as 34% of married over-50s claim the sole thing preventing them from filing for divorce is the expense.
The survey of married Brits uncovers an ’empty-nester divorce trap’, with as many as one in two regularly contemplating leaving their spouse.
Yet for 34%, the expense of a contested divorce, which can soar to as much as £30,000, is entirely beyond their means. On top of the divorce costs themselves, one in four are additionally concerned that they wouldn’t obtain a fair settlement. Almost a third confess they fear being left in financial ruin, with women more anxious than men about walking away empty-handed.
View 3 ImagesThe survey claims women fear walking away from a relationship empty handed more than men(Image: Getty Images/iStockphoto)
Indeed, financial worry appears to be a significant concern for married women across the UK, with four in ten admitting they feel financially trapped within their marriage due to their dependence on their partner’s income, savings and pension pot.
Alarmingly, 65% of women say they are financially dependent on their partner, with seven per cent confessing that financial security played a deciding role in selecting their partner.
Further reasons for persevering with a marriage include not wanting to cause distress to the children (38%) and fearing life alone (22%), with a quarter (24%) stating their marital difficulties began once their children had flown the nest.
When it comes to splitting assets and finances, 39% of married Britons would want pensions divided equally, while 21% would make staying in the family home their priority.
Despite this, a staggering 69% admit they have no idea about the rights they hold over their spouse’s pension should the relationship break down.
Couples also harbour considerable anxiety that separating would result in losing everything they’ve worked hard to build together (34%), from property ownership to savings, according to the survey of of 2,000 married Britons, by Moneyfarm.
View 3 ImagesWomen are more worried than men about being left with nothing after a separation
Financial expert Carina Chambers from digital wealth manager Moneyfarm, who commissioned the research, said: “Divorce can be one of the most financially and emotionally stressful moments in life, particularly for those who feel unable to leave unhappy marriages because of financial insecurity.
“Our research highlights widespread concern about financial stability during and after divorce, from the division of assets and pensions to ensuring long‐term security, showing that the ‘grey divorce trap’ is becoming an increasingly real issue for middle-aged Britons.
“Financial planning plays a crucial role in helping people navigate this uncertainty. Clear advice can give individuals the confidence to make informed decisions, particularly where pensions are involved, which are often one of the most complex and overlooked assets to divide.
“Understanding the value of what you have now, the projected future value – especially for pensions, the options available, and how your future income will be affected is essential to securing a fair outcome and maintaining financial resilience beyond divorce.”
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Underlining just how daunting and emotionally draining the divorce process can be, four in ten (41%) have absolutely no idea how to go about getting a divorce, with 21% admitting they dread the prospect of being single after so many years together.
Yet as many as 22% simply wish they had married someone else, so much so that 7% have secretly maintained contact with ‘the one that got away’.
On a more positive note, an encouraging 23% say they would rather put in the effort to salvage their marriage before making a divorce final.