Not So Much A Seven Year Itch but an 11 Year Itch: Key Findings
From Grant Thornton's Annual Matrimonial Survey
70% of solicitors found that couples file for divorce when they
have been married between 11-20 years with a further 24% of
divorces coming from marriages that last between 6-10 years
dispelling the clichéd myth of the seven year itch, according to
the seventh annual matrimonial survey from leading business and
financial advisers Grant Thornton.
"This rather dispels the age old myth about marriages failing
after seven years. It is impossible to put any scientific reasoning
on why certain marriages succeed and others fail. However this
survey probed Solicitors about the real reasons behind divorce
applications rather than the generic reason sometimes given of
'unreasonable behaviour',"says Sally Longworth, partner at Grant
Thornton's Forensic and Investigation Services practice.
One in four marriages (25%) in the UK breakdown due to couples
growing apart and falling out of love compared to 6% in 2009. Of
the solicitors surveyed 27% stated marriages broke down due to
extra marital affairs and 18% stated the cause was due to
unreasonable behaviour.
All out of love and hiding the money
For the fourth year running, this study shows that men seeking
divorce are more likely to conceal assets from their partners. 83%
of solicitors surveyed believed that it was the husband who
concealed assets in divorce proceedings compared with only 2% of
wives concealing assets.
"Divorces are often acrimonious and costly affairs. Individuals,
filing for divorce, often want to protect their previously acquired
wealth from their spouse. Also, with the addition of so many high
profile big money divorces, this may have scared wealthy
individuals into trying to hide their assets," continues
Longworth.
In terms of which party retains assets, 94% of solicitors said
that the main residence remains with the party with whom the
children reside. 60% of solicitors responded that the pension
remains with the husband and 44% responded that the family business
remains with the husband.
Pre and post nuptial agreements still
prominent
Additionally, for the fourth year running, the survey shows that
the volume of pre-nuptial advisory work has continued to increase
with 63% of solicitors stating that they have seen more work in
this area. 44% of solicitors who responded have seen an increase in
the number of post nuptial advisory work this year compared to only
32% in 2009. This increase is reiterated by nearly a quarter (24%)
of solicitors surveyed asking for pre- and post - nuptial
agreements to be made legally binding.
"The recent case of German heiress Katrin Radmacher going to the
Supreme Court to uphold a pre-nuptial agreement is a further
example of the uncertainty around pre-nuptial agreements and the
call by many to make pre-nups legally binding. The outcome of this
case is eagerly anticipated not just by matrimonial lawyers but by
divorcing couples too. It will pave the way on whether pre nups are
valid under English law," concludes Longworth.
ENDS
Grant Thornton's seventh annual matrimonial survey canvassed the
opinions of 90 of the UK's leading matrimonial lawyers. The survey
assesses trends in the matrimonial market.
Suvra Datta, Grant Thornton Press office, 0207 728 2375 or via
email on suvra.datta@gtuk.com