Marriage vows “till death do us part” can either be tragically romantic or creepily portent, but official statistics reveal divorce rates remain high, with more than 100,000 recorded in England and Wales alone each year.
While the decision to end a marriage can be a difficult one, it can be the right move for both parties.
Our research reveals a third of couples in the UK have misgivings about their marriage, with 1.4 million people admitting they walked down the aisle with the wrong person.
People in this position should not only consider their long-term romantic future, but also their financial security.
One of the main issues for those considering separation is that they can already be leading somewhat separate lives and have less visibility over their financial health as a couple. So, if there is the possibility of a split on the horizon it is important to try and conduct a thorough financial review, including liabilities, assets and savings.
The research also reveals that many relationships are in limbo, destined to end once their children have left home, as a staggering 1.2m couples admitted they either got together, or remained married, for the sake of their children.
However, when divorce does occur, financial concerns are often top of the agenda, as the benefits of living off a joint income under one roof suddenly come into sharp focus.
When couples get divorced or a civil partnership is dissolved, dividing assets and organising finances can be divisive and highly stressful.
When a resolution is reached, it is important to ensure the financial award is sufficiently protected, especially if the financial settlement includes child or spousal support.
When considering taking out life insurance, it is important for families to ensure the policy meets their needs, as not all insurers or insurance policies are the same.
Some insurance policies include additional features, such as:
- Advance payment – a lump sum is paid shortly after death to help with expenses, like mortgage or rental payments.
- Terminal illness cover – if diagnosed with a terminal illness, with a life expectancy of less than 12 months, the claim will be paid in full.
- Separation cover – if couples have taken out a joint life policy and they divorce or dissolve a civil partnership and need to change a joint mortgage to an individual one, they may also be able to separate their cover.
It is inevitable in life that people will make decisions they may come to regret, but in the case of ending a relationship, it is vitally important that steps are taken to protect everyone involved.
While tales of acrimonious splits hit the headlines, many couples are able to find an amicable resolution.
Whether it is through legal ruling or mutual consent, protecting current and future assets by investing in life insurance can save any extra heartache if a death does finally part a couple for good.
Jane Morgan is business manager at Direct Line Life Insurance
