One in six (17%) of divorces in the last five years were postponed due to financial pressure according to new research, with the majority of splitting couples declining to use a financial adviser.

Couples delayed separating because of income concerns (13%), rising living expenses (12%) and the cost of divorce (12%).

Legal & General found that 40% of divorcees believed the process was financially unfair, yet only 7% sought financial advice. That means people can  falling into certain financial pitfalls, such as forgetting to get a Clean Break Order.

The firm pointed out that divorce hits hard financially, with annual incomes dropping by an average of 30% or £9,229 in the first year after a separation.

That’s because people face increased expenses from living costs (29%), separation costs (23%) and even from taking time off work to deal with the emotional fallout of breaking up (18%).

The cost of the divorce alone comes with a £2,500 price tag and one in seven people (15%) will go into debt to fund it.

L&G also warned that nearly 900,000 divorced people in the UK have forgotten to update their will to exclude a former flame.

The research said among the most common financial pitfalls for separating couples as they untangle their assets is waiving rights to pensions. While divorcing couples often consider the value of their family home (50%), just 13% consider pensions when dividing assets with their partners and 23% actively waive their rights to the value of their pension.

Paula Llewellyn, chief customer & strategy officer, Legal & General Retail, said: “We understandably focus much of our energy on the emotional side of separation but money is an important factor that shouldn’t be ignored. Not only are people having to stay in marriages longer, because of their finances, but they are also facing increased struggles once they go it alone.”

• Opinium Research conducted 2,945 online interviews of UK adults who are divorced. The research was conducted between 25 October and 12 November 2024