Recession 'leaving divorced pensioners worse off'

Pensioners who go through divorces are being left worse off financially as a result of the ongoing recession, it has been claimed.

According to research conducted by the Safe Home Income Plans (Ship), couples who sell their properties to divide their assets could lose up to 22.5 per cent of the value of their home due to the credit crunch.

This, the organisation stated, could have "serious consequences" for their retirement income.

Ship also cited figures which suggest that an average total of 13,678 people over the age of 60 divorce each year.

Director-general of the firm Andrea Rozario said: "Clearly, 'pensioner divorce' is a pressing issue as growing numbers of older people are deciding that they would prefer to spend their retirement alone."

In the current economic climate, older people should seek financial advice before making any large decisions, he added.

Last month, Grant Thornton released figures which suggested that 48 per cent of matrimonial lawyers predicted a decrease in the number of people filing for divorce in England and Wales during the recession.
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08/06/2009 15:19

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