Just 7 per cent of divorcees said they would seek financial advice, according to new research from Legal and General.
This was despite 40 per cent believing the process was financially unfair, the research found.
The survey of 3,000 divorced adults found financial concerns delayed almost 20 per cent of divorces - with 13 per cent delaying their divorce due to cost of living pressures while 19 per cent said they had delayed for financial reasons.
Paula Llewellyn, managing director of Legal and General Retail, said: “When people divorce, money is always an important factor especially during the challenges of the cost-of-living crisis.”
The research, which was released to mark Divorce Day (January 2), also showed just one in five couples discuss pension wealth when dividing their assets.
Annual incomes fall by an average of £9,700 in the year after a separation and one in three divorces occur over the age of 50 and see people save £63 a month less towards their retirement as a result.
The research found while 58 per cent divorcing couples often consider the value of their family home just 20 per cent consider pensions when dividing assets with their partners and 29 per cent actively waive their rights to the value of them.
Llewellyn added: “As our research shows a separation can have long-term implications for people’s finances. Many couples have not even sorted the necessary paperwork to ensure they have a clean break from their financial obligation to one another.
“By consulting a financial adviser people increase the likelihood of a divorce being fair and equal.
“While the number of people seeking out this support has increased in recent years, we need to encourage more couples to take this step.”
Just 31 per cent of people who had divorced had signed clean break orders, meaning they could be liable to a future claim from their ex.
The Pensions and Lifetime Savings Association has now updated guidance on pension sharing following a divorce.
It is designed to support private sector occupational pension schemes when providing information to scheme members on Pension Sharing Orders, which help couples divide their pension funds on divorce.
Joe Dabrowski, PLSA deputy director, said: “Understandably, working out how to split pension assets is not the first priority for most separating couples.
“But it is really important to make sure both parties are provided for in retirement, especially when one party has been the primary earner and built up a pension, while the other – usually because they have taken on more family caring responsibilities – has not.”
tara.o'connor@ft.com
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