New research reveals that many married Britons over the age of 50 are refraining from filing for divorce solely because of the expense involved. The survey, conducted by digital wealth manager Moneyfarm, indicates that 34% of married individuals in this age group cite cost as the primary barrier to separation. This phenomenon, termed the 'empty-nester divorce trap', affects couples who have raised children and paid off mortgages but remain in unhappy marriages.
The Financial Burden of Divorce
Contested divorces can cost up to £30,000, making them unaffordable for many. Beyond the direct costs, 25% of respondents worry about not receiving a fair settlement, and nearly one-third fear financial ruin. Women are particularly anxious, with 40% admitting they feel financially trapped due to reliance on their partner's income, savings, and pension. Alarmingly, 65% of women report financial dependence on their spouse, and 7% chose their partner based on financial security.
Reasons for Staying Together
Other factors preventing separation include not wanting to upset children (38%), fear of living alone (22%), and the onset of marital difficulties after children leave home (24%). Among those contemplating divorce, 39% would prioritize equal pension division, while 21% would focus on keeping the family home. However, 69% are unaware of their rights regarding their spouse's pension in the event of a split.
Financial expert Carina Chambers from Moneyfarm commented: "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."
Lack of Knowledge and Emotional Strain
The survey also found that 41% of respondents have no idea how to initiate divorce proceedings, and 21% dread the prospect of being single after many years together. Meanwhile, 22% wish they had married someone else, with 7% secretly maintaining contact with a former partner. On a positive note, 23% would prefer to work on saving their marriage before finalizing a divorce.
The findings underscore the need for financial planning and clear advice to help individuals navigate the complexities of divorce, particularly regarding pensions, which are often overlooked yet crucial assets. Understanding current and projected values, available options, and future income impacts is essential for securing a fair outcome and maintaining financial resilience.
