New research from law firm Moore Barlow reveals that a huge proportion of well-off individuals are planning to call time on their relationships thanks to the stresses and strains of the pandemic.
Almost half of wealthy people say they plan to separate from their partner after the Covid-19 pandemic and successive lockdowns put excessive strain on their relationships.
A survey of high-net worth individuals from law firm Moore Barlow, reveals that 42% of those polled intend to either divorce or move away from their partner in the near future.
Suggesting the old adage that money doesn’t buy happiness is true, nearly all (97%) of those who took part in the survey said their family was under some sort of strain, with addiction (28%), coercive control (28%) and living and working together 24/7 (27%) the most common root causes of family problems.
A quarter of respondents (25%) said their family had been affected by domestic abuse, with that figure rising to 31% among women.
Few (27%) said they were considering mediation, with the evidence showing that women (33%) are more likely to propose this option to their partner than men (27%).
The majority (72%) of respondents said they had a cohabitation agreement with their partner or a declaration of trust in place.
Jan Galloway, partner in the family team at Moore Barlow, said:
“The pandemic has been a trial for many of us and financial security doesn’t appear to have softened the blow in lots of cases. Our research shows that wealthy families have suffered frayed relationships and seen underlying domestic issues exacerbated. No one wants to see the rate of separation and divorce increasing, but at the same time, the data we’ve uncovered highlights it’s more important than ever that people understand the options open to them.”
“One sensible option is for people in a relationship, whether just as cohabitants, newly engaged or already married, to have agreements in place to protect both parties’ assets and make separation, should it occur, less complex.”
“There is a huge backlog in the court system, affecting all areas of family law, and the delay and costs that arise as a result are having a detrimental impact on families that are already going through difficult times. There’s never been a more prudent time to explore how to resolve family disputes without going to court.”
Moore Barlow’s research comes shortly after Justice Secretary Dominic Raab said he was considering ‘drastic’ plans to stop up to half of family law cases reaching court, including steps to encourage more use of mediation and alternative dispute resolution (ADR).
About the research
On behalf of Moore Barlow, specialist research agency Censuswide conducted a survey of 250 UK adults, all of which hold a c-suite-level position, earn £200k or more a year and have capital assets worth at least £2m. The survey asked respondents to answer questions about their personal wealth and family status.
About Moore Barlow
A divorce or separation can feel like a life-changing process. Keeping your rational thoughts separate from your emotions can be a difficult task, so get in touch with a Moore Barlow family team expert for advice and help.