Recently Aviva have announced the findings from their research in connection with individuals’ experiences of divorce. Back in 2014, at the time of their previous survey, they had found that it took on average 11.5 months to deal with the financial settlement upon divorce yet this has recently risen, according to their survey, to an average of 14.5 months and 35 years old was found to be the average age of which those Respondents had separated or divorced.
Aviva also surveyed the Respondents in respect of how they dealt with their finances during the marriage and discovered that 37% pooled all of their finances during their marriage, whereas 73% shared only some of the financial arrangements.
The Times reported that Paul Brencher, the Health Director of Aviva UK, had said that “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. It can be really difficult or even seem unnecessary to plan for such an unfortunate life event, but such circumstances can be made all the harder by a lack of financial preparedness.
“With so many couples now combining their finances, it is important that both individuals have an understanding. Not doing so can not only make a complex, and often lengthy separation process more difficult, but can also lead to issues down the line for the partner with less knowledge”.