Financial & Legal News

Later Life Marriage, Divorce and Finances

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A later life relationship can be a new start, but those entering should give careful consideration to pensions, inheritance, property and most of all finances. There are steps that can be taken to protect these assets and these are often the main source of concern amongst families.

If there has been heartbreak and a bitter divorce this can make people wary when entering a new relationship and can make the extended families have concerns about the new partner. However, a new beginning and someone to grow old with is often just what is needed

According to a recent survey by Netwealth, older women over the age of 55 are used to sharing their wealth and with a second marriage this can obviously have implications.  Younger women aged 16 to 34 are used to having separate financial arrangements to their partner so the issue is certainly something of a later life remarriage or partnership.

So if you are divorced and considering getting married again or buying a property with a new partner here are a few things to think about:

Make a Will

As solicitor Emma Kendall said:  “As responsible solicitors we always advise our divorcing clients to change their Will; similarly on remarriage we would also advise people to revisit their Wills and update it.  In later life relationships there are often other people you want to share your assets, rather than just a spouse.”

If you do not remarry but still want your partner to inherit then an up to date Will is a necessity otherwise your estate may not go to who you want it to go to. It is vital to take specialist advice on this area of law.

Purchasing a House

If you are buying a home together you may have put in unequal amounts so you should protect your investment. You will need to consider how best to own the property. You may wish to own as tenants in common where you have a pre-determined percentage and can leave that under a will. 

You can speak to our Wills and Probate solicitors about how to protect your partner living in your property. There are measures that can be put in place to allow this but also to let your property eventually to pass to how you want to leave it to.

A deed of trust and/or a cohabitation agreement is also worth considering as these documents set out the expectations around how property is held and what would happen if you did separate,” added Emma. 

Our Family Law team are experienced in dealing with these documents and can assist in protecting your share of the property.

Prenuptial Agreements

Prenuptial agreements are more common now than ever before and are persuasive to the Court although the Court are not bound to it. Prenuptial agreements will only apply in contemplation of marriage and are important to consider in later life marriages.

Protecting Your Inheritance

Proper tax advice is essential if inheritance is a concern. Alongside a Will it is the best way to make sure your Inheritance Tax liability is reduced and ensure your estate goes to those you intend.

For advice on all aspects of pre-marriage or pre-cohabitation matter, divorce, separation, family matters and financial issues call and have a no-obligation chat with one of our team – call 0161 785 3500

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.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

Written by Emma Kendall


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