Helping divorcing couples find financial fairness in retirement
Later life divorce is on the rise and shows no signs of slowing down. In fact, one in four divorces occur after the age of 50. Pandemic lockdowns have had an undeniable impact upon the divorce rate too. In 2021, there were 113,505 divorces granted in England and Wales, a 9.6% increase compared with 2020.
Following the introduction of 'no-fault' divorce in England and Wales, 33,234 divorce applications were made from April–June 2022 — a record high.
Divorce can have a huge effect on a couple’s finances, especially as they approach retirement. It’s a critical time for advisers to support clients with good financial planning and sensitive advice to help them minimise financial risk and reach a fresh start.
We know divorce can be a tricky subject to tackle, so we’ve put together some helpful articles and useful resources to support your client conversations.
Articles and resources
Why pension equality’s a big challenge when couples divorce
We talked to pensions and divorce expert Debora Price, Professor of Social Gerontology. She’ll help us explore why pensions can be so challenging when people are divorcing and how you can help them make better decisions.
Supporting your clients through a divorce in later life
The impact of divorce is financial as well as emotional. We suggest four practical ways you can help divorcing clients through the challenging process.
Finding financial fairness: supporting women in later life divorce
The research is clear that women who divorce in later life often absorb most of the financial risk. What are the steps advisers can take to help women find financial fairness?
Lifetime mortgages: a solution for clients going through a divorce?
Divorce is declining within younger age groups, but ONS figures show it is a growing trend among the over 60s. For some, divorce can represent a new start. However, for many others it will be an emotional transition that can have a negative effect on the couple's finances.
Our divorce webinar
Our panel of experts explore the trends, attitudes and behaviours of divorcing couples aged over 50 and what this might mean for your business and your clients.
The true cost of divorce
Did you know only 3% of clients seek professional financial advice during a divorce? We’ve highlighted the key facts and figures around divorce to support your conversations with clients and professional connections.
Advising and supporting clients going through divorce
The Financial Vulnerability Taskforce has launched a good practice guide to highlight the range of vulnerable circumstances arising from the impact of divorce.
Pensions on divorce animation
Researchers at the Manchester Institute for Collaborative Research on Ageing and Manchester Sociology have created a video explaining the best approach to take to make sure any settlement is fair and just.
Start a conversation with your client
Rising interest
In the last four years, searches for ‘divorce’ have increased 12%
In 2021 there were 2 million+ searches relating to ‘divorce’. Only 2020 has seen higher searches for divorce, reaching 2.1 million.
Savings gap
On average, divorced women retire with £77,400 less than men
Divorced women tend to retire with just £26,100 - compared to £103,500 for men
Value of advice
While 61% of people aged 50+ consulted a solicitor during a divorce...
Only 3% sought financial advice, despite 32% of divorcees saying they would seek advice in the future
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