A recent report by financial advisers, Aviva, suggests that the average separated couple will spend £15,000 on legal and related costs during their breakup.
In addition, statistics show that resolving financial matters can take up to 15 months to resolve, resulting in almost a third of couples continuing to live together following the breakdown of their relationship, until they are able to separate financially and progress independent lives. In contrast, the average cost of a wedding, which is currently in excess of £30,000.
As part of marriage preparations, perhaps more investment should be made in the compatibility of couples proposing to share vows, by means of a pre-nuptial agreement.
A pre-nuptial agreement is a bespoke document, which couples enter into following a detailed process in which they can examine their respective attitudes towards risk, financial matters, raising of children, family commitments and the like.
Rather like an insurance policy, those entering into a pre-nuptial agreement are more likely to have no need to rely upon it. One does not renew annual buildings and contents insurance on homes, with the expectation our homes will be subject to fire or theft. Perhaps part of the £30,000 wedding cost should be ear marked towards negotiations and discussions leading to a pre-nuptial agreement and therefore investing in a lifelong future, and if so, the costs of divorce, if the worst happens, will be significantly reduced.
This blog post was written by Partner Jane Cowley.