According to a new survey conducted on behalf of debt advice and solutions provider Debt Advisory Centre, of the 8% of people who split with their spouse or partner in the last 12 months, 22% have a loan or credit card that is in both of their names.
In addition to joint debts, 37% of former couples have a mortgage with both their names on, while 19% share a tenancy agreement.
Nearly 15% of these respondents revealed they had a joint bank account at the time they split up. Meanwhile, nearly one in 10 (9.7%) have other shared assets like a car, white goods and gadgets. Only 36% of ex-couples share none of these things.
People aged between 25 and 34 years old are the most likely to share financial assets at the time they split up. Four-fifths (79%) of former couples in this age group said they shared either debts or assets.
More men than women admitted they had combined financial assets or debts with their ex-partner. While 50% of women claimed they have a mortgage, tenancy agreement, unsecured debt, joint bank account or another shared asset with their ex, this rose to 74% among male respondents.
Perhaps the greatest priority for former partners after the relationship ends is parting company, with 57% revealing one of the pair had to find a new place to live. However, for a third (32%) of couples it was both members that had to move out, while more than one in 10 (11%) still live together.
Ian Williams, spokesman for Debt Advisory Centre, said: “Splitting up with your partner is hard at the best of times, but when you share financial assets like unsecured debts, a mortgage or tenancy agreement, it can make things much more complicated. The important thing is to discuss the situation with your former partner.
“If you have a credit card, loan, mortgage or tenancy agreement in both your names, you are both responsible for maintaining the agreement and keeping up with repayments. If one of you stops doing this, the other is responsible for ensuring the full amount is paid.
“Separating your accounts can take time, but it’s important you make this a priority when the relationship has come to an end. If a separation has left you struggling with debt repayments you can’t manage alone, it might be time to seek professional debt advice.”
