Legal News

Research by insurer Prudential has found that divorce can cut retirement income by £2,100 annually.

Researchers found that individuals who are planning to retire in 2015 can expect to receive an income of £17,800 if they have never divorced.

However, for those retiring this year who have gone through at least one divorce, annual income falls to £15,700.

The standard income for a pensioner in the UK is now £9,500 annually – and figures suggest that divorcing could push many retirees below that figure and into poverty. Around 19% of people who have split from a spouse end up with an annual income below £9,500 after they retire – compared with 14% of people who have never been divorced.

The survey by Prudential found that up to 35% of those retiring this year are divorced – as a result they have shared their retirement plan with a former partner and have most likely also had to fund a new home.

The survey also revealed that people who have gone through a divorce are also likely to have more debt than people who have not divorced – the average debt for a divorcee retiring this year is estimated at £22,100, compared with £21,700 for those who have not divorced.

Duncan Lewis Divorce Solicitors

Duncan Lewis divorce solicitors can advise on any aspect of family law and divorce – including pre-nuptial and post-nuptial agreements, co-habiting agreements and divorce settlements.

Duncan Lewis can also advise on alternatives to court action in contested divorces or civil partnership dissolution, including dispute resolution and family mediation.

There are Duncan Lewis offices nationwide – and Duncan Lewis offers expertise in international divorce, divorce involving high net worth individuals, or Islamic marriage and divorce.

For expert legal advice on all family and divorce matters, call Duncan Lewis divorce solicitors on 020 7923 4020.