We used to be known as the silver surfers, that’s changing now to the silver splitters. It’s no joke. The increases in divorce rates for those of us over 60 are on the rise and that’s against a backdrop of the overall numbers of divorces being on the decline.
Specifically, the number of men aged 65 and over divorcing increased by 23% and the number of women aged 65 and over divorcing increased by 38% between 2005 and 2015 (according to the ONS). The forecast is even gloomier: by 2037, 1 in 10 over 60 will experience divorce.
Divorcing in later life affects every aspect of your life and yet some people still make that enormous decision for very valid reasons.
As we marry later and live longer, maybe the idea of another 20 years with the same person is no longer palatable. Maybe, what you are looking for in retirement differs from what you wanted in your earlier lives together. Maybe, our expectations are just higher and we expect to be “happier” and are less likely to put up with things our parents might have tolerated.
Whatever the reason, the implications of a later life divorce will affect your pockets and quite possibly your pension; This often impacts more significantly on women, due to their reduced income and pension inequities and depending on how long you have been with your partner, there are often more substantial assets.
Getting the right advice is essential. Although, you will have to speak to a divorce lawyer, talking to your financial adviser at the point when you are starting to consider a split, will probably help to shape some of your conversations and give you an indication of what the financial future would look like for both parties, post a divorce.
Of course, money is not the most important part of a break-up but it will figure heavily in all the negotiations and so forewarned is forearmed.
It will become important once the decision has been reached to split. There are careful valuations of all the assets and pension sharing might be a consideration.
If you are one of those individuals who is looking for a change in circumstances and you don’t have access to financial advice, do get in touch before making any decisions. We can look to clarify the potential financial effect before you go away and review your options.
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