Research has shown that the majority of couples who divorced when they were over 50 years of age are financially worse off and may still not be secure when they retire. The information contained in the survey conducted by Nationwide Mortgages may be of interest to older couples in the Greater Manchester area who are considering a separation. It showed that 58 per cent of those questioned said that they were worse off, with only 18 per cent of men and 13 per cent of women saying that they were in a better financial situation after the divorce.
More than half of the couples were married for 20 years or more at the time of their divorce, and Nationwide Building Society said that it was important for people to take advice even before starting the divorce process. More than a quarter of the couples sold the marital home in their divorce and 6 per cent ended up splitting family heirlooms. Another 10 per cent shared the proceeds from selling a car and over 20 per cent said that they had divided up the furniture.
Nationwide's advice concerning seeking counsel from others before and during the divorce process is highlighted by other research conducted by Saga Personal Financial. It showed that in Yorkshire, one-third of married people aged over 50 were in their second marriage, and that those with children from this relationship had an outstanding mortgage of up to £80,000. These statistics raised questions regarding their financial security once they reached retirement age.
While the surveys focused on the financial concerns for people divorcing over the age of 50, it also showed that over half of the people said that they were happier after their separation. An experienced solicitor may be able to assist a client with the disclosure and valuation of marital property in order to obtain a fair settlement.