A recent article in the Sunday Times focuses on divorce for the over 60s.
Whilst divorce rates overall are falling, divorces for those in their 60s have been increasing. Often referred to as “silver separators”*, the divorce rate for women over 65 increased by 38% in the 10 years to 2015 and the rate for men over 65 increased by 23% in the same period. Anecdotally, the signs are that this trend is continuing.
Reasons for this might be that the couple has waited until their children have flown the nest before making the split; with the children gone, the couple realise that they no longer have anything in common; higher life expectancy means that anyone over 60 is likely to live in to their 80s and do not want to be stuck in an unhappy relationship for another 20 years; increasingly, women have had successful careers and do not need to rely on their husbands financially.
More recently, the introduction of no fault divorce makes it easier to end the marriage without having to lay blame on one party.
Financial considerations for a couple divorcing in their 60s can be very different to those for a younger couple. There are no longer any dependent children to be considered but if one party to the marriage has missed out on contributing to a pension or furthering their career because they have stayed at home to care for the children, this will still need to be taken in to account.
Pensions become far more important and can sometimes be the largest asset in the marriage. Often, those divorcing in their 60s are leaving a very long marriage where there is more likely to be an equal sharing of assets, including pensions.
For others, this may be a second marriage and a prenuptial agreement or their contributions to the marriage may be a main consideration. Inheritances are likely to feature more in the negotiations as well.
It is important to get early legal and financial advice on how a divorce might affect you so that you are in the best position to manage a settlement. Our family team can offer advice at one of our offices in Ipswich, Bury St Edmunds, Chelmsford, Colchester, Frinton-on-Sea or London. We offer a free exploratory call so that we can match your specific needs with the right person in our family team.
If you would like to arrange an appointment to discuss any difficulties you are experiencing, please contact Sally Ward, Senior Associate in our Family team. Our specialist family lawyers can review your specific circumstances, and we recommend obtaining advice at the earliest opportunity. We offer a free exploratory call so that we can match your specific needs with the right person in our family team. For more information or to arrange an appointment with a member of our Family Team, please contact us on 01206 764477. The team can offer advice at one of our offices in Colchester, Chelmsford, Frinton-on-Sea, Ipswich or Bury St Edmunds, or by telephone or video appointment. We are also proud to support Blue Light members and offer a discount on our initial fixed fee meeting.
*A term used by the Office for National Statistics to describe the fastest growing divorce group in the UK -those over 60.
