Are you a 'Silver Splitter'?

What is a 'Silver Splitter' and how can we help you?

'Silver Splitter' is a term which refers to the ever-increasing trend of individuals over the age of 50, and in particular 65 and over, who are divorcing after long-term marriages. The ONS suggests that in this demographic during the decade spanning 2005 to 2015, the number of men divorcing women rose by over 23%, and the number of women divorcing men rose by 38%. Though updated statistics are awaited, it appears unlikely that this trend has ceased.

What is behind this trend?

There are several factors that contribute to this trend, including but not limited to:

• Increased Life Expectancy

• Increased Financial Independence

• Changing societal “norms” with attitudes towards divorce becoming ever more accepting

What challenges does this present?

Divorcing later in life can present complex but not insurmountable challenges, particularly in relation to the division of financial assets.

The division of assets accumulated over the course of decades can be complex with the assets being held in a variety of ways, and in some cases with great value. Individuals in the demographic often have valuable but complicated pension funds, that require specialist knowledge to divide fairly.

It will often be the case that an individual will need to adjust to surviving on one fixed income. Where that individual is accustomed to living in a dual income household, that change can be hard to navigate.

What should you do if you find yourself in that situation?

It is imperative that you seek professional advice as soon as possible. Lawyers and financial experts can provide tailored advice to suit your needs and individual circumstances, ensuring that the transition is a smooth as ever possible.

Here at Lawson West we have a team of dedicated family solicitors who can assist you. Contact us for more information, or for a no obligation initial discussion about your circumstances.

If you believe you have a situation where you require legal advice, please contact us on telephone 0116 212 1000 or 01858 445 480, alternatively fill in the free Contact Us form and we will get in touch as soon as possible.

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