This year will be remembered as the ‘big-money break up year’ with Paul McCartney, Reese Witherspoon and Britney Spears all announcing their marriages are over.
However it’s not just celebrities who are seeing divorce bills soar. New research out today reveals failed marriages are costing the nation a massive £4.3 billion - with almost two-thirds (£2.5 billion) being funded by couples’ personal savings.
Despite divorce rates falling, Norwich Union’s ‘Cost of Divorce’ survey reveals that couples now spend an average of £28,000 when a marriage ends - twice the amount spent in 2003.
And whilst separating couples traditionally sold their home to finance a divorce, Norwich Union’s research reveals that almost half (48%) of divorcees are opting instead to dip into an average of £8,000 of their personal savings.
A further two in five (40%) admit their divorce had a significant impact on their disposable income.
Other findings from the Norwich Union ‘Cost of Divorce’ survey revealed:
One in five (18%) divorcees admitted they treated themselves to something they would not otherwise have bought following their divorce and those who chose a makeover spent an average of £1,125 on updating their look
62% of couples had shared finances to dissolve on divorcing
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