Nearly one in five married couples estimate it cost more than $100,000 to rebuild their finances after their relationship broke down, according to new research by Bankwest.
The research also revealed that more married couples broke up in February, despite the perennial rose and chocolate bonanza on St Valentine's Day on February 14.
And while romantics prepare to rain bouquets and bon bons on Saturday, the "When Love Goes Wrong" research showed that splitting up not only exacts a terrible emotional toll, but the cost of starting a new life can last significantly longer than it takes to mend a broken heart.
Nearly 19% of individuals who had been married estimated it cost in excess of $100,000 to start a new life after the break down of their relationship.
This only covered joint purchases they left behind and the price needed to set up a new life, and excluded maintenance payments and any other property or asset settlements.
Other findings showed that:
- More than half (60%) made joint purchases together - 92% for married couples and 70% for those living de facto.
- One in four (25.1%) bought a house together, 37.4% a TV, 37.2% a fridge, 35.5% a couch, 28.1% a car while 17.4% paid for renovations.
- One in three (32.1%) took out a loan to pay for these purchases - one in five (17.4%) said these loans were still outstanding when the relationship ended.
- The beginning of the year is the worst time for break ups - January (11.7%), February (9.6%) and March (9.4%), although February was heartbreak month for married couples (13%).
- More than half (64%) of married couples had a pet during the relationship, with one in ten giving the pet away when the relationship ended.
- Nearly half (48%) lost friends, while 46% said their social life improved as a result of splitting up.
Bankwest Head of Strategy and Products Selina Duncalf said the research was a sobering look at the financial cost associated with break ups on the eve of St Valentine's Day.
"St Valentine's Day is time to celebrate the romantic in all of us, but we all know that many of these relationships may end and with it comes emotional and financial upheaval and hardship," Ms Duncalf said.
"It's natural that couples in long term relationships buy big ticket items together without giving a thought that one day they might split up.
"But our research showed that nearly one in four people estimated it took longer than two years to get back on their feet financially after a split. Many are still struggling to get back on their feet years later.
"Given that many people took out loans to purchase these big ticket items, it's imperative they shop around for the best loan products to make sure they are paying as low interest as possible."
Ms Duncalf also said people should consider getting sound and independent advice on managing their finances after a separation.
"There is nothing more painful than a broken heart but it's important people also take care of their broken finances and see someone who can give impartial and sensible advice during one of life's saddest and most difficult times," Ms Duncalf said.
Research for the "When Loves Goes Wrong" survey was conducted online in late January by Brand Management, anonymously surveying 470 Australians who had split from a relationship in the past five years.
