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Finances cause separation problems for two thirds of couples


Joint bank accounts, loans and pay monthly purchases are making it hard for two-thirds of unhappy couples to break up in the UK, according to Debt Advisory Centre.

Joint finances are preventing unhappy couples from having a clean break up, as a third have a joint rental agreement and a quarter have a joint mortgage. This leads to at least one partner having to sort out alternative living arrangements, which can lead to couples being stuck under the same roof after they have broken up . As well as sorting out alternative living arrangements, a fifth of couples fail to agree on who is responsible for paying off a joint credit card or loan. A further 15% still have their money merged with their ex-partner’s in a joint bank account.

In terms of age, the figures show that 25-34 year-olds are the age group most likely to still have a tenancy agreement with their ex (39%) as well as a joint credit card or loan (24%). Older people, such as those over the age of 55 are more likely to still have a joint bank account (22%) or shared assets (33%) after the collapse of a relationship.

Ian Williams, a spokesman for Debt Advisory Centre, said:
“After the break-up of a relationship most people want to have a clean break and move on with their lives. It can be tough to do this if you are still financially linked to your ex.

“The last thing you want is to find that you are solely responsible for paying loans, credit cards or even a mortgage that you committed to together. While it can be difficult, it’s important to agree a plan for separating finances and paying-off debts. Couples should seek the help of a third-party to mediate if things have become acrimonious.”

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