One in 10 couples who divorce over the age of 50 used property wealth to cover their divorce costs, according to research from Legal & General.
The study found that property is the main asset discussed during divorce proceedings for over 50s, with 60% prioritising their joint home’s value.
Many over 50s prefer to use savings to buy out their partner, with 18% choosing this route.
Conversely, one in 20 couples are now relying on equity release to remain in their homes, with homeowners in England and Wales able to release an average of £69,600, a rise of 20% in five years.
Lorna Shah, managing director at Legal & General Retail Retirement, said: “For many couples over 50, their home holds huge sentimental value, as well as being one of the most significant financial assets they jointly own.
“It’s therefore not surprising that property is the priority during discussions for over half of divorcing couples.”
Shah added: “What is surprising is that only 8% take financial advice at such a complicated and emotionally charged point in their lives.
“This is particularly important for couples aged over 50 as the decisions made can have significant consequences on their retirement plans.
“It’s best to ensure they’ve explored all of the options available to them and chose those that best suit their individual circumstances.”
