Financial health check for divorce

Later-life divorces accounts for 17% of all divorces  but their financial impact is largely underestimated. For example: 

• One in seven people who divorce after the age of 50 have to delay their retirement because of it.
• Almost a quarter of them  struggle to rebuild their savings after a later-life split, with almost one in ten saying they’ll never recover financially .
• The average income drop after a later-life divorce is about £7,753 a year, with almost 23% expecting to live on a lower retirement income than planned.

This tool will help you start thinking through some of the key financial decisions you’ll have to make when facing divorce over 50. It will also flag up some details that it’s important not to miss. For example, about one in ten  people getting divorced don’t take their ex off their pension as a beneficiary.

As well as its emotional cost, divorce can have a big impact on your short and longer-term financial future. It’s important to plan for both.