Research reported by the BBC suggests that older couples who struggle with their finances are more than twice as likely to suffer relationship breakdown than those whose financial outlook is sound.
As divorce solicitors in London and throughout the UK see more elderly clients becoming embroiled in late divorce, it may become more and more apparent that money matters are significant in the reasons for relationship difficulties for older spouses.
The biannual report from the English Longitudinal Study of Ageing collects data from UK adults aged over 50 and has revealed that unsecured debts, such as credit cards, mail order purchases, money borrowed from lenders, and hire purchase agreements can be a major problem in later life.
Report authors said that where debts had become a problem “a statistically significant decrease in quality of life” was experienced by the respondents. The risk of relationship breakdown, and subsequent divorce, more than doubled for these people when compared with the risk for couples who had maintained manageable finances.
The pattern of relationship breakdown and divorce was not seen in couples whose unsecured credit arrangements were not causing money worries and so, the report states, “this suggests that problem debts could have contributed to the breakdown”.
To find out more about how Healys divorce solicitors in London and Brighton could help you through a late divorce, please click here.