Who gets what when love turns sour?

Nine out of ten (87%) people make major purchases with their partner but only 4% have agreed what happens if they split, research from Alliance & Leicester Personal Loans.

People in relationships seem more than happy to make major purchases jointly with their loved one, but rarely have an agreement in place in the event of a break-up.

Only 1 per cent of those surveyed who have made joint purchases had a contract in place in the event of a split, and only 3 per cent have verbally agreed who would get what. But with over 50% currently sharing a home with their partner, and with 56% sharing joint debts of some description, this Valentine’s Day might be the time to forget the flowers, the wine and the romance, and wake up and smell the coffee.

With the cost of starting a new life after a break-up previously costed at £13,500, the end of a relationship can be as hard on the finances as it is on the heart.

Richard Al-Dabbagh, Senior Personal Loans Manager at Alliance & Leicester commented: “It is the tragic truth that the cost of splitting up can often last longer than the associated heartache. And while it is hardly romantic to discuss what will happen to jointly bought items when the relationship ends, it could save a lot of trouble, heartache and cost if that uncomfortable conversation takes place.”

Richard Al-Dabbagh continues: “This research shows the huge amount of uncertainly that couples have as to who gets what. It seems that too many people are getting swept away in the moment and buying things jointly with no thought about what happens in the future.

“The financial implications of starting again after a split can be major, and if funds are needed, a painless way of getting those could be to get a personal loan. To make their budget go further people should look around for a good deal, and not just rely on their big-name high street bank to give them a good deal – it could end up costing them £700 more in interest payments.”

The research has also reveals that a tiny 13% of men expect to keep the family home. This leaves 87% of men who would need to set up a new home and potentially incur the expense of fixtures, fittings and furniture. It also showed that the gender gap is massive when it comes to dividing the spoils when couples break up.

A pet-adoring 30% of women, compared to 9% of men, expect to keep the family pooch or moggy if their relationship ends. And it also seems that the ladies are dead-set on keeping the bed (22% of women to 6% of men), the three piece suite (26% to 6%) and, unsurprisingly, all of the cuddly toys (16% to 1%).

Of course, the last thing on your mind if you’ve got the Valentines blues is shopping around for the right deal on a personal loan to pay towards the expenses of starting again. However, there are more stresses and strains to be had if the broken-hearted don’t look at the loan rate. For example, choosing the wrong personal loan could mean an extra £700 in interest, as opposed to a low rate personal loan from Alliance & Leicester.

For those considering applying for a loan or switching provider, Alliance & Leicester's website, alliance-leicester.co.uk, provides access to useful tools to help guide them through their financial choices.

The site contains a Loan Calculator which lets people work out how much they can afford to borrow and decide how long they wish to spread their repayments for.

Alliance & Leicester personal loan customers can benefit from the following:

An unsecured personal loan from as little as £1,000 to as much as £20,000
A low typical APR of 5.9% for loans of £7,500 - £20,000 for telephone and Internet applications, and in branch for Premier current account customers
Repayment over one to five years
Fixed monthly repayments for the period of the loan
Quick and easy application, online, via the phone or in branch
Optional loan protection for added peace of mind