Divorcees over 50 challenged by new financial freedom


New research carried out by Tesco Bank suggests that people who divorce after the age of 50 are often forced to deal with financial independence for the first time in 20 years, and for some, the first time in their lives.

There has been an increase in the number of people over the age of 50 getting a divorce, while the number of marriage separations among younger couples has shown some decline. A divorce generally requires both parties to make new arrangements in respect of buying or renting a home, setting up new insurance policies, and making new financial arrangements, including creating new bank accounts.

The research by Tesco Bank revealed that women are less likely to have been involved in any major financial decisions while they were married, with only 26% of women saying they were the partner responsible for managing important financial matters during their marriage. Of the women surveyed, 64% said they gained a new sense of financial freedom after their divorce, while fewer men (50%) felt the same.

Journalist Sue Hayword commented:

"There's usually one partner who holds the purse strings in a relationship and it can be daunting if you're left financially single when you separate."

Lenore Rice, a divorce solicitor at Wilson Nesbitt in Belfast commented:

"There are many important matters that need resolved during a divorce, most of which involve a financial aspect in some form of other - child maintenance, division of assets, who gets the family home? The more amicable the separation the easier it easy for both partners to set about their new lives on the right foot, and as quickly as possible.

"One of the benefits we are seeing for couples who choose to divorce using the collaborative law process, often referred to as the 'friendly divorce', is that financial arrangements can be made much more easier and to the satisfaction of both parties because of the round-table structure of conversations, as opposed to the more adversarial courtroom setting of a traditional divorce."

If you live in Northern Ireland and would like to receive advice about divorce, or information about the collaborative law process contact one of the specialist divorce solicitors at Wilson Nesbitt in Belfast or Bangor by email at family@wilson-nesbitt.com .



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