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You may have moved on, but have your finances?

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04/04/2019
Brits believe in a lengthy mourning period of up to 18 months after losing a partner before dating again. However, it may take as long to become financially independent.

After divorce, society expects people to wait 10 months before coupling up with a new partner, according to new research from Direct Line. The research also showed that it can take over a year for couples to become financially independent

Following a divorce it takes on average 15 months for a couple to manage their money independently and exit from joint financial liabilities such as debt and mortgage repayments. The research showed some people remained locked into joint liabilities permanently, with one in twenty divorcees still financially tied to their ex.

Widows and widowers are expected to mourn for longer, waiting 18 months before starting a new relationship. People are more forgiving of those entering into a new relationship following the dissolution of a civil partnership, where they are expected wait just seven months before looking to date again.

Introducing children to a new partner can add another 15 months on top of that. Divorcees are expected to wait 11 months after they start a new relationship before introducing their children to their new partner.

One in six people have fallen out with someone as a result of starting a new relationship too quickly following a divorce or death of a marital partner.

Jane Morgan, business manager at Direct Line Life Insurance, commented: “Modern society can be highly judgmental, which can lead to undue stress and emotional pressures. It is up to the individual to decide when they feel it’s right to move on from a previous relationship and how best to navigate introducing a new partner to their friends and family.

“Charities such as Relate have valuable guidance on how to navigate this process with children to help them while they adjust.”

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