UK: Cost of Divorce Reaches GBP44,000 for UK couples
OREANDA-NEWS. August 26, 2014. UK couples are spending more than GBP 44,000 on average when they divorce or separate, totaling ?GBP 5.7 billion per year across the nation. A new study from life insurer Aviva reveals the hidden cost of divorce as GBP 21,979 per person or GBP 43,958 per couple.
The figures show a 57% increase since Aviva last carried out the survey in 2006 when the cost of divorce was around GBP 28,000. While the data suggests legal fees for divorce have actually fallen over the period - from ?1,818 to GBP 1,280 - with many opting for cheaper online services, additional costs such as moving house and child maintenance payments mean the overall price of separation has soared.
As well as considering the core costs associated with a break-up, the study also looked at added extras that many people buy following a split. The research suggests that four out of 10 newly-separated people splash out on items to treat themselves.
For example, the study found one in eight people (13%) took a holiday to celebrate their newly-single status at a typical cost of ?1,925, while the same (13%) treated themselves to new technology, shelling out an average of ?1,292 on gadgets and gizmos.
Four out of 10 respondents said they were financially worse off following their separation and more than half of couples (53%) took longer than six months to settle financial matters. The typical time to settle was 11.5 months, but one in 10 couples (11%) said the process took more than two years.
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