16 May 2016
Over 50s Sell Their Family Home After Divorce
More than a quarter of people over the age of 50 who get a divorce end up selling their home.
A survey from Nationwide Mortgages has revealed that 28 per cent of ‘silver divorcees’ sell their family home after going through their divorce.
Many couples aged over 50 who get a divorce do not have children living with them any longer, which can make it an easier decision for some to sell their family home.
It was revealed that 13 per cent of over 50s who divorce end up downsizing and eight per cent move into rented accommodation. More than half of these found themselves financially worse off after the divorce.
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. Our research suggests that parting in later life can bring increased happiness, new interests and maybe even another chance at love."
The survey showed that 25 per cent of divorcees rekindled old friendships or family relationships after their break up.
Men are more likely than women to meet a new partner, but women are more likely to get a job, enrol on a course or go travelling.
The research was made up of over 230 people in the UK aged 50+ who had either got a divorce or were in the process of getting a divorce.
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