Recession to cause rift in 'one in six couples'
A new survey has found that one in six couples will split this year as a result of the economic situation.
It has been reported that concerns over cash and rows over the recession is adding to the pressure on couples and could lead to more divorces.
One in six couples - or 17 per cent - could be irreparably damaged as a result of the fanatical situation, a poll carried out Harris Interactive on behalf of Metro has found.
The study found that that three per cent of couples say that it is "extremely likely" that their relationship will fall by the wayside before the end of the year.
People's shrinking cash reserves and growing bills are putting a heavier burden on bonds and it was discovered that 11 per cent of people feel that the morose financial milieu is resulting in more disagreements.
Official figures released this week from the Office for National Statistics (ONS) show that the economy shrank by 0.6 per cent during the third quarter.The Telegraph
has also reported that economists are warning the UK's economy will shrink by 2.5 per cent during 2009 - a figure worse than that seen in the early 1990s and 1970s.
With these dark predictions, divorce could be increasingly on the agenda for many couples.
Kevin Morgan, managing director of Consilium Financial Planning, disagrees with the pessimistic outlook and has stated that the credit crunch could see divorce rates fall further.
He added that in the majority of cases the equity in the marriage is property and if this cannot be sold it makes it more difficult to "release funds".
Couples in financial disarray who are divorcing have been advised by Credit Action to ensure that they inform their creditors and credit reference agencies if they have joint debts.
Spokesperson Chris Tapp said that debt is often held in one partner's name, so when they go their separate ways, the debt holder is left with the burden.
"It can be that money is the cause of the break up in the first place [..] so it's a shame for money to break up the relationship, then kick you while you're down afterwards," he added.
In 2007, men and women in their late 20s had the highest divorce rates of all five-year age groups for the sixth year in a row, according to the ONS.
There were 26.6 divorces per 1,000 married men aged 25-29, while there were 26.9 divorces per 1,000 married women of the same age range during 2007.
- Get your financial divorce settlement in writing and save hundreds of pounds in legal fees with the DIY Consent Order Service.
Published on: January 16, 2009
Did you like this article? Share it!