Divorcees increasingly turning to equity release
More and more divorcees are using equity release to help in the division of assets, according to new findings.,/p>
In the investigation of its own data, Key Retirement Solutions have found that one in every 10 equity release plan was taken out by people who are divorcing or separating. The average amount released was also significantly higher than that by married couples (£63,300 vs. £41,100).
Richard Espley, Head of Equity Release at Goldsmith Williams, comments on the findings:
“The breakdown of a relationship is never easy, not only emotionally but financially too. This is particularly difficult if the couple share a property.
“Divorcees may turn to equity release to allow one member to remain in the family home. By releasing a lump sum one member can, in effect, buy the other partner out of the property.”
Content correct at time of publication