Divorce: For the Over 60s
Divorce rates have been falling consistently for several years now. The latest ONS statistics available show that in 2020, there were 103,592 divorces granted in England and Wales, a decrease of 4.5% compared with 2019; of these, the majority were among opposite-sex couples (98.9%).
However, there is one section of the population bucking the trend: the Over 60s, sometimes known as the “silver separators”, or "silver splitters".
- The Over 60s age group still represents a small proportion of overall divorce statistics, but it has doubled since 1993.
Marriage rates are also falling, but marriage for the over 60’s marriage is on the increase, most of these marriages being the couple’s second. So, the growth in divorce seems to tie-in with people marrying again too.
There may be many reasons for the surprising statistics.
- People are living longer and therefore have many more active years ahead of them, well into retirement.
- They are working longer and may therefore be more able to divorce without too much financial hardship.
- Divorce is not such a taboo for today’s older generation.
As for marriage later in life, the benefits may include the wisdom to avoid past mistakes, having fewer pressures from having children or working long hours, and the freedom to enjoy leisure pursuits together.
Divorce at a later age also brings its own particular challenges. Having to start again, practically and emotionally, after a long marriage can be very daunting. In retirement, some people miss the routine and support network that a job provides and can feel isolated. The adult children of the marriage may take sides and exclude one parent which may be hurtful.
Dividing the assets and pensions after a lengthy marriage at retirement age can be tricky where there may be no means of building up future assets or income. It is important to obtain expert legal advice about this. When pensions are complex or valuable it is often advisable to obtain specialist report from a pensions expert.
On remarriage, where one or both partners are bringing assets to the relationship, they may wish to protect these for the benefit of their children.
- It is often advantageous to have a prenuptial or postnuptial agreement to protect wealth, and perhaps consider the creation of a discretionary trust fund to ensure that the children of the previous relationship are provided for.
- It is always important to have an up to date, valid will. Whilst divorce invalidates any gift to your former spouse and their appointment as executor, remarriage will make the will fail completely and there is therefore a risk that assets will pass in a way that was unintended.
- Taxation implications should be considered carefully when making a will or creating a trust.
- It is also wise to provide for the possible loss of capacity to make decisions in the future, by creating a power of attorney
Our specialist lawyers at Lawson-West can advise you every step of the way. We work together as a team across the specialisms to achieve the best outcome for you, tailored to your own unique circumstances. Contact Us here.
