Within England & Wales, we are seeing an increase in the number of “silver separations”. Pensioners are one of the main age groups where the divorce rate is actually rising. This may be fuelled by changing attitudes to marriage and divorce; together with rising life expectancy and it will perhaps not be surprising that this is set to continue. Many realise that on reaching retirement, sadly the couple no longer wish to be together or some discover they have nothing in common when the children fly the nest. Learn more about Divorce finances here.
Divorces or separation for people over 60 give rise to a number of very specific issues and some include:
- Whether or not divorce is actually the right option and therefore whether judicial separation or a separation might be more appropriate.
- The impact on inheritance and estate planning on divorce.
- Pension issues, particularly the allocation of pension benefits that may be shared or the gap in the couple’s respective pension incomes or retirement ages.
- The relevance of ill health and life expectancy on what settlement is appropriate.
- Mental capacity and powers of attorney.
- The enforcement of orders.
It is not only an increase in “silver separations” but we are also seeing an increase in the “silver remarriage”. This brings its own issues; and those looking to marry later in life need to consider the relevance of a pre and post marital agreement.