Divorce in later life
The number of couples separating once past the age of 50 is on the rise, in what is often colloquially termed as a ‘grey divorce’ or ‘silver splitters’.
The most recent Office for National Statistics figures (source: Marriage and divorce on the rise at 65 and over – Office for National Statistics ) suggest that the number of men divorcing aged 65 and over increased by 23% between 2005 and 2015, and the number of women increased by 38%.
Why are older couples divorcing?
Increasing life expectancy, and the gap between male and female life expectancies is a primary cause of the growing trend for later separations – not only are people more like to re-evaluate their lives and current relationships, but there’s also been an increase in couples deciding to tie the knot with new partners later.
Societal views surrounding divorce have shifted. There is no longer such taboo surrounding divorce, and with current divorce rates sitting at 42% of all UK marriages, it is now increasingly common. As a result, divorce is less likely to be viewed as a source of stigma and more as a legitimate response to long-term dissatisfaction or personal growth. For older generations, this shift has opened the door to reassessing marriages built more on obligation than fulfilment.
Greater financial independence, particularly among women, has also contributed to the rise. With less reliance on a spouse and more opportunity to build independent financial security, divorce is now a less daunting prospect.
Additional considerations for divorce in later life
Larger pot of assets
Quite often, ‘silver splitters’ may have been married for several decades with adult children, and after a longer period of employment, the pot of assets is often larger. Parties may have significant pensions, work bonuses, or additional capital such as businesses or multiple homes. Unlike younger couples, silver splitters have limited time to rebuild retirement savings and those reaching retirement age are unable to get a mortgage, making the fair division of pension assets critical to long-term financial security.
The importance of pensions
Even in a ‘grey divorce’, the Court will need to consider pensions of either party, which may be the largest asset available. In long marriages, one partner (typically the woman), may have accrued a smaller pension provision due to lower earnings or time out of work. As a result, pension sharing orders can play a vital role in achieving a fair settlement, helping to ensure both parties have independent income in later life rather than ongoing financial reliance on an ex-spouse. With regards to pensions, timing also matters. For those close to or already in retirement, decisions around pensions may be irreversible, with little opportunity to offset poor outcomes through future earnings. This makes accurate valuation, specialist advice and careful planning particularly important for older divorcing couples.
Contact Us
At David Gray Solicitors our expert Family Solicitors are here to offer specific tailored advice to assist you in navigating this complex area of law. Call 0191 232 9547 to make an appointment.
