Divorce rates are on the rise among those aged over 50
Rising divorce rates among over-50s are seeing more and more people approach law firms for property finance advice, research by Key Partnerships has found.
The over 50s is the only age group to show a rise in divorce rates over the past 10 years – that is, around 32,000 divorces per year, recent government data shows.
Naturally, such a stat comes with increased queries about how to finance a home afterwards.
Richard Espley, Director of Equity Release at Goldsmith Williams, comments:
“Equity release can be a solution after divorce, as it allows one partner to remain in the home, while property wealth can be shared with the other party to help them finance their own endeavours.
“However this research also found that a large percentage of law firms did not feel that they had to expertise to properly discuss the option of equity release with their clients. That is why it is so important to seek out a law firm with good experience in the service you require.”
For more information on equity release, visit our online equity release guide.
Content correct at time of publication.