New research from Aviva UK has found that UK couples are spending £14,561on average when they divorce or separate, a rise of 17 percent since 2014.
The report - Family Finances Report – Winter 2018 – looked at the hidden cost of divorce and separation also found that one in six (16 percent) who separate also buy a new home, spending an average of £144,600.
The majority of couples (68 percent) have financial matters to resolve when separating – a process that takes an average of 14.5 months with over a third (34 percent) finding the process of divorce or separation worse than expected.
The research found that affordability issues mean 51 percent of those who separate turn to the rental market, at an average annual cost of £7,519. Of those currently renting as a result of their split, seven in ten (70 percent) feel that they will be unlikely to buy a property in the future.
The average time spent as a tenant post-separation is 4.7 years, however almost one in five (19 percent) people rent for more than a decade.
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