According to new research, the splitting of assets on separation is putting increasing strain on older couples caught up in divorce proceedings.
Data suggests that while the total number of divorces is falling, over-50s are the only age group in the UK to see divorce rates rise over the last ten years – and those approaching retirement are under growing pressure to retain their assets.
Research from equity release firm Key Partnerships suggests that an increasing number of over-50s caught up in divorce proceedings are finding themselves seeking financial advice.
Will Hale, director at Key Partnerships, said: “Splitting assets on divorce is challenging enough but for the over-50s there is the additional pressure of having to fund a new home when mortgage lenders are reluctant to help older borrowers”.
A separate study carried out by Saga Personal Financial in May revealed that over one quarter of over-50s find themselves selling their family home after a divorce.
It added that 13 per cent end up downsizing, eight per cent are forced to move into rented accommodation and more than half of divorcees were left ‘struggling financially’.
The news highlights the importance of seeking specialist advice from legal professionals to help you to retain your assets and financial stability under difficult divorce circumstances.