Financial strain as over 50s head for divorce

With many over-50s having children who have already flown the nest, 28 per cent of those who have been through a divorce said they had ended up selling up, according to a survey from Nationwide Mortgages.

About 13 per cent of divorced over-50s ended up downsizing and eight per cent moved into rented accommodation, according to the survey.

The study comes a month after The Yorkshire Post reported how middle-aged parents are being saddled with tens of thousands of pounds of debt as divorce and “second-life” relationships lead to mounting pressures on household finances.

The most recent survey found that just over half of those who had gone through a divorce had been married 20 years or more when they spilt.

A new love interest had been behind the split in over a third of cases - 34 per cent, while 22 per cent felt they had grown apart and 15 per cent said the split was their partner’s decision.

Nationwide Building Society’s head of savings for mortgages and savings, Andrew Baddeley-Chappell, said: “Keeping on top of finances and seeking appropriate advice before, during and after divorce can help to minimise some of the stress of the process.

“However, for some, there may yet be a silver lining, as our research suggests that parting in later life can bring increased happiness, new interests and maybe even another chance at love.”

The research was carried out among more than 230 people across the UK who have got divorced or are going through a divorce at the age of 50-plus.

More than half (58 per cent) of people said their break-up had left them worse off - with more women left struggling financially than men.

Similarly, 18 per cent of men said they were financially better off, compared with 13 per cent of women.

Just over one in five said they had split furniture with their former partner, nearly a quarter had shared savings, one in 10 split money from the sale of a car, six per cent had divided up family heirlooms, and three per cent had shared ownership of pets.

More than half (55 per cent) reported being happier as a result of their divorce, with many going on to find new interests and hobbies.

The research suggested men were more likely to meet a new partner after a divorce than women, while women were more likely to travel, get a job or enrol on a course. About 15 per cent had signed up to a dating agency, with 18 per cent of men saying they had done this compared with 13 per cent of women.

Last month’s research warned that rather than heading into a financially secure retirement, 12 per cent of Yorkshire’s over-50s still have a mortgage, with an average of £53,000 to pay.

The study, by Saga Personal Financial, revealed that a third of over 50s in Yorkshire are “second lifers” - those who have had children with a second partner following a previous long term relationship - and it is impacting on finances, with those with a new family likely to have a bigger mortgage debt of up to £80,000.

Leeds-based charity StepChange warned that parents are being faced with “impossible choices” of taking on more credit or cutting down on essentials.