Family Solicitor warns that silver divorce needs specialist advice
Divorce or separation is difficult at the best of times but can be considerably harder when it is a long marriage and those involved are over 50 years of age. With a rise in so called ‘silver’ divorces, Family Law expert, Daniel Prince, Partner at Pearson Solicitors warns that the more mature separation often involves specialist help, particularly in relation to assets and pensions.
Recent figures from the Office for National Statistics indicate that the number of over 50s divorcing is rising and has indeed tripled in the last ten years. In 1991 there were 404,000 divorced people aged 60 and over in England and Wales, but just over a decade later the figure is over 1.3 million.
“The later life divorce is a very specialist area,” said Mr Prince. “Whilst any split can be difficult, often with older clients there are other issues involved which may not be obvious, such as financial inequality, differing future needs, issues with ill health and of course professional pensions advice.”
“Quite often we can see inequalities with the so called ‘silver’ divorce. One party may not have worked, or may have worked shorter hours to care for a family and we have discrepancies in pension contributions and earnings over the years to deal with,” he added.
“It is vitally important that if you are considering a separation you get a specialist solicitor.”
The rise in the later life divorce has been attributed to a number of factors, including increased life expectancy and a wish to pursue other relationships, a loss of the stigma attached to divorce and increasing participation of women in the workplace and therefore able to support themselves outside of marriage.
Other factors include the so called ‘empty nest syndrome’ when children leave the home. This can have a major impact on couples and can lead to a break down in the relationship.
“At Pearson Solicitors and Financial Advisers we have experience in family law acting for both husbands and wives and so can see both sides of the coin and give the most appropriate advice to reach a fair and amicable settlement at an early stage, thereby minimising the potential costs of the case and upset to both parties,” said Mr Prince.
“We also have an in house Pensions Expert and Financial Adviser who can give bespoke advice on any issues that arise in this particularly complicated area. Our team are also able to protect your financial future and can give investment advice and information on trusts to protect your assets in advance.”
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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