The soaring cost of divorce is sending a growing number of people bankrupt , according to new figures.
But it is more likely to be women coming out of a failed relationship who hit the most serious money problems, debt experts said.
People hit by divorce and separation costs are more likely to end up seeking bankruptcy than others with financial worries, said the study by financial advisers Debt Free Direct.
It found 13.1% of debt cases caused by divorce or separation ended in bankruptcy compared to an average of 9.8% in other cases.
Despite the image of divorced women bleeding the men dry, many women come out of a failed relationship without the fallback of a steady income to rely on.
This means they do not qualify, for instance, for an Individual Voluntary Arrangement which is better than bankruptcy because it allows the debtor to continue running a business.
Similarly, if a couple run up debts on a joint store card, credit card or bank account, then both are liable are separation even if one is to blame more than the other.
In many cases it is the wife or female partner who ends up paying for loans taken out by her husband or partner during their time together, said Debt Free Direct.
- Evening Times
