‘We need to talk’: Couples urged to get a ‘pet-nup’ to avoid heartache

THREE in four couples do not have a pre-nuptial agreement in place to determine who keeps a pet if their relationship ends, research from digital bank Monzo has revealed.

The study says this can lead to people being left to meet the financial cost of caring for their pet by themselves, which can cost up to £1,455 a year.

Two thousand UK pet owners in relationships were quizzed for the research, which found that although most couples have not planned for what would happen to their pet after a breakup, those who have say it gives them peace of mind (55%).

Among couples with a so-called ‘pet-nup’, almost two thirds (64%) arranged it to protect their pet’s wellbeing, and almost a third (31%) did so to safeguard their finances.   

Monzo’s research also revealed:   

• More than a third (38%) said they would expect to have sole custody of their pet if they split from their partner.  

• Only one in seven (14%) couples split pet expenses equally.   

• Almost half (40%) of couples admitted to arguing about pet-related spending, highlighting how shared ownership can cause tension when it comes to money.   

• Women were more likely than men to buy more gifts and treats for their pets than their partners (73% vs 65%).   

 With so few couples splitting things equally, it’s perhaps no surprise that some are turning to formal agreements to avoid conflict later on.

‘Pet-nups’ are most common among couples in Greater London (37%), compared with just 17% in the South West.   

Chris Mucklow-Norell, head of brand marketing at Monzo, said: “Sharing a pet should be one of the joys of being in a relationship, not a source of stress.

“But with 75% of couples admitting they don’t have an agreement in place for who would keep the pet if they split, it’s clear that many haven’t planned for what could happen if things go wrong.

“Having the conversation early helps couples protect both their finances and their furry friends.”   

As well as recommending that couples have an open discussion about what will happen to pets in the event of a split, Monzo suggests couple’s keep track of pet-related spending together, regularly review outgoings and save to help meet costs such as vet bills.

To read more about Monzo’s ‘Price of a Pet-nup’ research, visit: https://monzo.com/blog/hidden-costs-of-shared-pet-ownership