LONDON, UNITED KINGDOM, January 31, 2025 /EINPresswire.com/ -- New research from wealth management firm Saltus reveals a striking surge in online searches related to ending a marriage over the festive period
After exploring Google search trends, Saltus found that searches for ‘I want a divorce’ and ‘cheap divorce’ rose dramatically between December and January. With numbers for both terms indexed from 100 at their peak on January 4th, having climbed there from 0 on December 1st and 87 and 75 respectively on Christmas Day.
Similarly, ‘DIY divorce’ reached its peak search interest on New Year’s Day, and ‘quickie divorce’ peaked on New Year’s Eve. These statistics highlight how the stress of the festive season - and the promise of a fresh start in the New Year - can act as a tipping point for many couples.
But when it comes to high net worth individuals (HNWIs), the decision to divorce can become a lot more complicated - and data suggest they could be putting it off as a result.
HNWIs are five times less likely to be divorced
According to ONS data, 7.1% of the general population are divorced - rising to 11% amongst over 45s (the average age for divorce). But amongst high net worth individuals this figure drops to just 1.3%, and 5% of over 45s.
The Saltus Wealth Index surveyed 2,000 people with assets of more than £250,000, and one in five married respondents said that they had delayed getting divorced due to the due to the cost of living crisis, while more than one in four (28%) say their family members have.
Amongst respondents who are already divorced, 27% say they ended their marriage later than planned as a direct result of the cost of living crisis, while 34% say at least one of their adult family members delayed their divorce for the same reason.
Furthermore, more than 1 in 50 HNWIs admit that their single biggest worry is ‘being able to afford a divorce’ - above their health, their children’s wellbeing and overall financial security.
Alex Pugh, Chartered Financial Planner at Saltus said: “High profile individuals face particularly complex challenges during divorce proceedings. With significant wealth at stake, there is an increased risk of hidden or concealed assets, as well as issues over what should and should not be included in a settlement, making it difficult to determine who is entitled to what, and creating what can be a very messy - and expensive - process.
“For example, around seven in ten of divorcing couples overlook sharing pensions, which, along with property, tend to be the most valuable asset. And it is often the woman that loses out.
“This is because in many cases the husband was the major breadwinner and has built up significantly more pension savings than the wife who has taken breaks and a cut in earnings to take on more family caring responsibilities. This is especially the case if the pension in question is a defined benefit scheme as their value within divorce proceedings is not just calculated on monetary value.
The data also suggest that while, overall, women are more likely to file for divorce than men - according to the ONS almost two thirds of petitions for divorce come from women. But amongst wealthy couples, women are more likely to delay divorce than men, with 21% saying they have held off initiating proceedings vs 19% of men.
“It is critically important to understand the emotional and financial challenges that accompany divorce, particularly for those with significant wealth. Over the years we have carried out countless pension sharing orders and are regularly called upon to help clients prepare for a fresh start. Getting the right advice on everything from the valuation of assets for settlement, understanding the tax implications of divorce or reviewing your investments and protection post-divorce is incredibly important to ensure the best possible, and fairest, outcome through a difficult period.”
After exploring Google search trends, Saltus found that searches for ‘I want a divorce’ and ‘cheap divorce’ rose dramatically between December and January. With numbers for both terms indexed from 100 at their peak on January 4th, having climbed there from 0 on December 1st and 87 and 75 respectively on Christmas Day.
Similarly, ‘DIY divorce’ reached its peak search interest on New Year’s Day, and ‘quickie divorce’ peaked on New Year’s Eve. These statistics highlight how the stress of the festive season - and the promise of a fresh start in the New Year - can act as a tipping point for many couples.
But when it comes to high net worth individuals (HNWIs), the decision to divorce can become a lot more complicated - and data suggest they could be putting it off as a result.
HNWIs are five times less likely to be divorced
According to ONS data, 7.1% of the general population are divorced - rising to 11% amongst over 45s (the average age for divorce). But amongst high net worth individuals this figure drops to just 1.3%, and 5% of over 45s.
The Saltus Wealth Index surveyed 2,000 people with assets of more than £250,000, and one in five married respondents said that they had delayed getting divorced due to the due to the cost of living crisis, while more than one in four (28%) say their family members have.
Amongst respondents who are already divorced, 27% say they ended their marriage later than planned as a direct result of the cost of living crisis, while 34% say at least one of their adult family members delayed their divorce for the same reason.
Furthermore, more than 1 in 50 HNWIs admit that their single biggest worry is ‘being able to afford a divorce’ - above their health, their children’s wellbeing and overall financial security.
Alex Pugh, Chartered Financial Planner at Saltus said: “High profile individuals face particularly complex challenges during divorce proceedings. With significant wealth at stake, there is an increased risk of hidden or concealed assets, as well as issues over what should and should not be included in a settlement, making it difficult to determine who is entitled to what, and creating what can be a very messy - and expensive - process.
“For example, around seven in ten of divorcing couples overlook sharing pensions, which, along with property, tend to be the most valuable asset. And it is often the woman that loses out.
“This is because in many cases the husband was the major breadwinner and has built up significantly more pension savings than the wife who has taken breaks and a cut in earnings to take on more family caring responsibilities. This is especially the case if the pension in question is a defined benefit scheme as their value within divorce proceedings is not just calculated on monetary value.
The data also suggest that while, overall, women are more likely to file for divorce than men - according to the ONS almost two thirds of petitions for divorce come from women. But amongst wealthy couples, women are more likely to delay divorce than men, with 21% saying they have held off initiating proceedings vs 19% of men.
“It is critically important to understand the emotional and financial challenges that accompany divorce, particularly for those with significant wealth. Over the years we have carried out countless pension sharing orders and are regularly called upon to help clients prepare for a fresh start. Getting the right advice on everything from the valuation of assets for settlement, understanding the tax implications of divorce or reviewing your investments and protection post-divorce is incredibly important to ensure the best possible, and fairest, outcome through a difficult period.”
Harleen Kaur
Boldspace
harleen.kaur@boldspace.com
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