Chance of divorce
I’m being a little inaccurate with interpretation here, rather than the chance of divorce, a better and more accurate statement would be the percentage of marriages that end in divorce. According to the ONS, the percentage of marriages ending in divorce has generally increased for those marrying between the late 1960s and the late 1990s. For those married in 1968 20% had divorced within 15 years. Thirty years later, of those married in 1998 32% were divorced before a 15th anniversary. The current median duration of a marriage that ends in divorce was 11.7 years in 2013.
The ONS note that compared to data from 2005 the percentage of marriages that end in divorce reduced from 45% to 42%…. so a minor reduction. They suggest a couple of possible factors for this.
1. The age at first marriage has been increasing, data suggests those that marry at older ages tend to have a lower risk of divorce.
2. Cohabitation has increased, which acts as a filter for those contemplating marriage, so arguably fewer marriages then end divorce.
OK, so this is all well and good, but so what? Well…. the uncomfortable truth is that something like 4/10 marriages end in divorce. So it would seem logical to reflect on this when it comes to your financial planning, by ensuring that both parties in a couple are engaged in financial decisions, both are building and protecting wealth. I have only ever seen one painless divorce (which in reality I do not know much about) most are very painful. Your financial planning can be arranged to reduce such pain, should it occur.
To generalise again, women under the age of 35 are far more likely to divorce than men. Men over the age of 50 are more likely to divorce than women.
If you are experiencing a divorce or think you may be about to. Christmas and summer holidays are the time when most people decide to divorce. Understanding your finances, what you have and what you need is vital and I am constantly surprised at how few divorce lawyers every suggest some proper cashflow modelling to reveal what is possible.
Divorce or relationship struggles often make good drama. Here is the trailer for the film “The Story of Us” starring Michelle Pfeiffer and Bruce Willis.
and for some dvd’s on the theme…
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email firstname.lastname@example.org