It’s Strictly the Silver Splitters Heading to the Divorce Courts
With the onset of autumn couples often start thinking about themselves and their relationships and so it tends to be a key time for those considering divorce, but more recently the age 55+ divorce is leading the way in the usual September spike in cases.
Schools going back, students leaving home, empty nesters, that last family summer holiday – there are many reasons for the annual spike in September divorces, but more recently it’s not the traditional 30 something couple heading through the divorce courts.
Figures published recently by the Office for National Statistics (ONS) reveal that people aged 45 to 64, and 65 to 74 have experienced the largest increases in living alone in recent years.
Later Life Divorce
The so called ‘Silver splitters’ are on the increase. Increasing life expectancy and expectations of another relationship after the age of 50 are said to be fuelling the increase in the 55+ divorce which has more than doubled in the past pear.
In September, the ONS reported that around 100,000 couples divorced the previous year, a drop from previous years perhaps due to the fact that younger couple chose not to get married, however among those aged over 55, the number of people divorcing has more than doubled and now more than eight million of us chose to live alone.
Financial Considerations in Divorce Cases
The financial implications of later life divorce will of course take into account in many cases larger assets, more equity in property, investments and of course the big question of pensions and who gets what, so it’s important to get the right advice.
“We often just think of children and quite rightly the impact on them when we talk about divorce, but the rise of the so called ‘silver splitters’ means we have to take so much more into account and having the advice of in house financial advisers really does help our separating couples,” said Pearson divorce lawyer, Lucinda McWatt.
“Often spouses at this stage in their life are wanting to embark on retirement and may have accrued significant assets together, or in one spouses name. Our aim is to ensure, as far as is possible, that the finances are divided fairly and that there isn’t an unfair income position on retirement. Pending retirement, spousal maintenance is also a crucial factor, particularly where one party to the marriage, usually the wife, has been the homemaker and the other party is still in employment,” she added.
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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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