An equity release firm has warned that an increase in the number of later life divorces is having an impact on retirement planning.
The warning was issued by Key Equity Release in response to new figures. They show a 50% rise in the number of divorces among people over 65 compared with the early 1990s. Furthermore, close to one out of every five divorces during the last five years concerned people who had been together for at least 25 years. Now, Key Equity Release has spoken about the financial consequences of this.
The company is stating that divorce among couples at that stage of life can cause problems when it comes to planning and saving for retirement. This is something that good divorce solicitors in North Wales will make their clients aware of.
Will Hale is the Key Equity Release CEO. He told Today’s Wills and Probate that, while divorce has financial implications at any age, they can be especially severe later in life.
He then added:
“Property wealth is often the biggest asset most couples divorcing in later life will have and will be a key part of financial conversations ahead of pensions and investments, which are also very important.”
Hale concluded by saying that anyone planning to divorce at over 65 should get professional financial guidance. This will keep them informed about the potential impact on living standards and will help them find strategies to minimise the damage.
If you need comprehensive divorce support from solicitors in Llandudno and other areas of North Wales, give Bennett Smith Solicitors a call right now.
