In our latest Family Finances report, we discover that the amount UK couples are spending when going through a divorce or separation has risen by 17% since 2014, with monthly family income falling by 3% over the last year.
Family Finances report
Dealing with separation or a divorce can undoubtedly cause major upheaval for families. Although the majority of couples (68%) have financial matters to resolve when separating, just 31% of former couples aged 25-35 are equally responsible for their finances. With financial uncertainty becoming a part of everyday life for many, our report outlines the ways in which families can protect themselves against an unfortunate life event like divorce or separation.
Our practical tips for your clients
• Have an equal interest in your financial affairs
• Consider financial advice to help you make decisions on your own, should you have to
• An amicable agreement in a divorce or separation can reduce time and money
• Think carefully about financial quick-fixes such as reducing pension contributions
• Asking your employer to work flexibly is a legal right, and can often provide a greater work/life balance
Read our tips in full in our latest Family Finances report