Surge in UK divorce rate: Is this the answer for the “Silver Separators”?

A persistent surge among individuals over the age of 60 has garnered attention. Data reveals that the divorce rate in over 60s has doubled from 1993 to 2019, highlighting the prevalence of late-life separations, with 45% of marriages ended in divorce overall according to the ONS 2023.
By Olivia BallContributor
Published 18th Aug 2023, 12:38 BST
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Referred to as "silver separators" by the International Longevity Centre, this trend is attributed to a confluence of factors, including delayed marriages, increased financial independence among females, evolving perceptions of divorce, and the distinctive liberal outlook of the baby boomer generation compared to their predecessors.

"It is regrettable when any marriage reaches its breaking point," acknowledged Andrea Rozario, Chief Corporate Officer of Bower Home Finance. "While the end of a long partnership is a fact of life, individuals navigating divorce in their over-60 years often find themselves grappling with the necessity of utilising the property equity they've accumulated over time. This becomes crucial to facilitate a fresh start and acquire a new home."

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In many instances, selling the matrimonial property to facilitate separation is unviable. Equally unappealing is the prospect of both parties continuing to share the same residence. Recognising these challenges, the concept of equity release emerges as a potential solution that brings relief to both parties.

Divorce rate in over 60s has doubled from 1993 to 2019Divorce rate in over 60s has doubled from 1993 to 2019
Divorce rate in over 60s has doubled from 1993 to 2019

Rozario emphasised, "Equity release is a viable option that offers a way forward for those undergoing this significant life transition. As the generation of rebellious baby boomers enters their retirement years, they defy conventional norms by pursuing divorce, spending, borrowing, and embracing the present moment. Among the many facets of equity release, I firmly believe that the choice – and the often uplifting emotional impact that the released funds can deliver – stands as one of the most pivotal, particularly after the ordeal of divorce."

Bower Home Finance, a recognised leader in providing innovative equity release solutions, understands the unique challenges faced by "silver separators." Their comprehensive range of financial products and services is designed to empower individuals with flexible and customised options that unlock the potential of their property assets.

Related topics:Data