According to a new report, the average cost of a marital breakdown is £14,500.
Aviva’s Family Finances report found that the cost of divorce has increased 17% since 2014 when divorces in the UK cost, on average, £12,432.
Aviva added that increases to legal bills were partly behind the rising divorce costs seen in recent years.
Paul Brencher, Aviva UK said, “The breakdown of a marriage or long-term relationship is likely to be one of the most emotionally demanding life events for people who experience it. Such circumstances are made all the harder due to the lack of preparedness by many.
“Without taking away from the primary emotional strain, there are other significant costs which have the potential to cause further disruption to family units.
“Aside from the costs of a new home, separating couples across the UK spend £1.7bn getting back on their feet after the breakdown of a relationship on costs including legal fees, buying a car or paying for a newfound need for childcare.
“As a consequence, it is little surprise that they are drawn towards their savings for support or borrowing from friends and family. Many additionally find themselves priced out of the property market.
“While it may seem completely unnecessary to plan for such an unfortunate life event, it is important that both partners in a relationship take an active interest in their financial affairs, even if one tends to take the lead.
“Ensuring a better mutual understanding of household finances can make navigating the process more manageable if the relationship takes an unforeseen turn, while preventing long-term financial planning from going off course.”
