Divorce cases among people aged above 60 are rising in the recession, according to research from equity release trade body Ship, which shows women are coming off worse in such incidents.

The number of over-60s divorcing has jumped 49 per cent since 1981 despite the overall rate recording a 12 per cent decline over the same period.

Some 13,678 people over the age of 60 now divorce annually, which means that those forced to sell their property to divide assets risk losing up to 22.5 per cent.

However, equity release can provide an alternative option to selling in a depressed market, according to Andrea Rozario, the director general of Ship.

"In the current uncertain financial climate, older people should consult with their financial adviser before making any large financial decisions," he recommended.

People who adopt such a move can get an opportunity to "consider all available options and ensure the best retirement for both parties".

Divorce proceedings in Northern Ireland can be launched after at least two years of marrage.

Lenore Rice, head of the family and estates department at Wilson Nesbitt Solicitors, advised that "anyone considering divorce should take both legal and financial advice before deciding how best to separate and divide their assets".

She added: "The currently shifting economic situation means that the value of assets can change from one day to the next. Good legal and financial advice could help avoid significant losses."
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