More than one in 10 married people have considered divorce but decided not to go ahead with financial concerns and worries about the impact on children as the main deterrents, new research* from Investec Wealth & Investment (UK) shows.

Its study* found 11% of married individuals have looked at divorcing their partner with women (13%) more likely than men (8%) to have considered breaking up.

But when it came to pushing ahead with divorce the biggest reason for stopping was not being able to afford the split – 40% said that was their main reason for not divorcing, compared with 39% who said worry about the impact on children changed their mind.

Around one in four (25%) ditched divorce plans over worries about what the rest of their family would think while 22% worried their partner wouldn’t cope. Around 11% were deterred by worries over what their partner would do to them.

The research for Investec Wealth & Investment (UK), which is part of Rathbones Group, found nearly one in 20 married people (4%) are thinking about or planning to seek a divorce with two out of three (67%) seeking advice from a solicitor and 38% asking family members.

The research found one in four (25%) will seek advice on possible divorce plans from their wealth manager or financial adviser which is the same number who will look to friends for advice.

Investec Wealth & Investment’s study spoke to 69 people who had been divorced during the past 10 years and found just 36% of them said their divorce lawyer had been good value for money. However more than half (52%) admitted they only spoke to one divorce lawyer before deciding to choose them.

The study among divorced people found that friends (48%) and new partners (33%) were rated as the two best sources of support during the marriage break-up.

Faye Church, Chartered Senior Financial Planner at Investec Wealth & Investment, said: “Money is a major part of any decision to divorce, which explains why so many people considering divorce decide they cannot afford to do so.

“The decision to separate, is one thing, but the thought of having to sell the family home or work out who gets what pension isn’t one to be taken lightly. This is an area we can get involved with fairly early on in the divorce process and it is vital that anyone in this position considers all options and takes advice from independent experts including financial advisers.”

As one of the UK’s leading discretionary wealth management companies Investec Wealth & Management, part of Rathbones Group PLC, focuses on a relationship-based approach to Financial Planning and Investment Management with the purpose of making a tangible and meaningful difference to clients and their families.

-Ends-

Notes to Editors

* Investec Wealth & Investment commissioned independent research agency Viewsbank to interview 1,059 UK adults aged 18-plus between October 27th and 31st 2023. The sample included 653 married people and 69 respondents were divorced in the past 10 years.   

For more information, please contact:

 
About Investec Wealth & Investment (UK)

As one of the UK’s leading wealth management firms, we are trusted with managing £40.7 billion (as at 31 March 2023) of our clients’ money. Our wealth teams work hard at providing Out of the Ordinary levels of service to our clients and with an investment heritage dating back to 1827, we’re built for the long term.

Investec Wealth & Investment (UK) is a trading name of Investec Wealth & Investment Limited which is a subsidiary of Rathbones Group Plc. Investec Wealth & Investment Limited is authorised and regulated by the Financial Conduct Authority and is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street. London. EC2V 7QN. Member firm of the London Stock Exchange.

Investec Wealth & Investment (UK) is a trading name of Investec Wealth & Investment Limited which is a subsidiary of Rathbones Group Plc. Investec Wealth & Investment Limited is authorised and regulated by the Financial Conduct Authority and is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street. London. EC2V 7QN.