One of the most difficult situations that you can encounter in your life is going through a divorce. Outside of the emotional part, there is the financial one that you also have to take care of. However, if you read about it, and have the information, it can actually be quite simple.
If you are over 55 years old, one of the options can be getting an equity release, which is a great idea if you end with them on good terms. Compromise is the most important thing, and this way you can get the loan, which is repaid when you die or move to a long-term care facility. If you are renting, you can decide who is going to stay based on who signed the contract. If you both did, then it will have to be a mutual agreement.
When it comes to the savings and everything else, the best idea is to decide among the two of you how will you share it. There is no need to involve the lawyers if you are both rational and ready to compromise. Some couples even decide on getting the equity release, and they manage with it perfectly fine, keeping each other’s best interest at heart. If you are committed enough, you can do it as well, just by communicating.
In a situation that is already pretty hard, you want to make it easy on both you and your partner as much as you can. You do this by sharing what you have fairly, and making sure that each party is satisfied.