The rise in divorces amongst the over-50 age group can bring financial and personal pressures for the couples concerned, but research from Nationwide Mortgages has also found that for some it can give rise to a new lease of life.
The research explored the experiences of post-50 divorcees to try to better understand the causes and effects relating to this growing demographic. It shows that despite the fact that over half (52%) of the couples interviewed had been married for 20 years or more, more than a third (34%) cited a new love interest as the reason for their split. Almost a quarter (22%) felt they’d grown apart and one in seven (15%) said the split was their partner’s call.
Following a divorce, 28% of respondents reported selling the family home – with 13% downsizing and 8% moving into rented accommodation as a result. Around 54% said one partner remained in the family home, and a further 8% said they did not own their home in the first place.
Around 58% reported the split had left them worse off, with more than a quarter (28%) saying it left them struggling financially (31% of women versus 23% of men).
However the findings weren’t all bad news. While almost two in five (38%) said their divorce was not amicable, 55% said they were happier as a result. The research also suggested that men are more likely to meet someone else, while women are more likely to travel, get a job and enrol on a course after their split.
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