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More than half of divorced Brits fail to update personal finances

Sixty per cent of divorced Brits who are currently in new relationships have failed to update their personal finances since their marriage to their former spouse, according to new research from Direct Life Line Insurance. This includes the beneficiaries of their pension, health and life insurance, money in trust, and their will.

The data revealed that 29 per cent of those who were previously married and now in serious relationships had not made any provisions for their new partner in their will. For those that did update their will to reflect their new relationship, it took them on average two years to do so.

Just 14 per cent of the 2,000 respondents had made provisions in their will for children from their previous marriages, while more than two-thirds (68 per cent) who are divorced with children, didn’t transfer any assets to the children before starting their new relationship or remarrying.

Less than one in five (19 per cent) updated their pension beneficiary by switching the recipient information to their new partner. Only 10 per cent changed the recipient of their death in service benefit, while even less (seven per cent) changed their life insurance policy to reflect their new partner.

Six per cent of divorcees made provision in their will for their former spouse, while one per cent placed money in trust for their partner from a previous marriage.

Business manager at Direct Life Line Insurance, Jane Morgan, commented on the data:

“Leaving past relationships behind and moving on is a time of mixed emotion. However, our research shows that many Brits are letting their financial administration slip behind when it comes to updating wills, pensions and policies.

“It can be easy to forget about things like life insurance policies once they are taken out, but it’s important to keep these up to date.”

Contact our Wills & Executry Lawyers Paisley, Renfrewshire & Glasgow

If you are looking to make or update your will, or get your personal finances in order following a divorce, you need specialist legal advice from a qualified wills & executry solicitor. Get in touch today via the online enquiry form. 

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