Financial advisers who are not accredited in family law are missing out on the divorce and separation market, estimated to be worth £500m a year in England and Wales, according to a new report.

There are just 40 financial advisers accredited in family law, leaving just one adviser per 5,000 potential clients, according to the report from family law advisers Resolution and the Personal Finance Society (PFS).

The report found that family lawyers see the majority of their cases being about the financial needs for the separating income. It also found that lawyers and other mediators would like to involve financial advisers more often but there are not enough of them working in the divorce market.

Melanie Bataillard-Samuel, national chair of Resolution, said: “We know from financial advisers who are already Resolution members just how invaluable their support can be to separating couples. At the same time, our members report a huge need for targeted professional financial advice to further support their clients going through family breakdown. So the potential market is huge.

“Advising those going through a divorce or separation is a very specialist area. There are real opportunities for those financial advisers that are able to position themselves as experts in the field.”

There are currently over 200,000 people divorcing each year in England and Wales.

Resolution called on financial advisers to join its 6,500 professional network and form partnerships with family lawyers to provide financial advice during what is a major life transition.

Financial advisers can read the full report for free on the Resolution website.

One in six (17%) of divorces in the last five years were postponed due to financial pressure according to seperate research from Legal & General, with the majority of splitting couples declining to use a financial adviser.

Couples delayed separating because of income concerns (13%), rising living expenses (12%) and the cost of divorce (12%).

Legal & General found that 40% of divorcees believed the process was financially unfair, yet only 7% sought financial advice.