Silver Splitters: The Rise in Divorce Among Older Couples

Figures from the Office of National Statistics show that while divorces for some couples are slowing, among those aged 65 and over, rates are increasing.

The data harvested between 2005 and 2015 has revealed that the increase in the number of men aged 65 and over who are divorcing is up 23%, while the number of women of that age divorcing is up 38%.

Previous generations may have had a different attitude to divorce, meaning that it is only recently that older couples have started divorcing more routinely. In addition, women have more financial freedom than they may have done previously.

As people live and work for longer, they are assessing what they want for their future and how they can improve their lifestyle. Some couples who may have stayed together to raise a family are free to move on and take decisions for their own wellbeing. With the potential for a long life still ahead, the idea of being free to make new choices can be appealing.

Almost double the number of women aged over 65 than men start divorce proceedings. This reflects the independence women have gained and the fact that they are no longer prepared to stay in poor relationships.

Men over 65 who divorce are more likely to remarry, with most choosing a new spouse who is under 65.

Considerations for silver divorces

Divorce among older couples has particular issues that need to be carefully considered. While there will not be children to take into account, there are likely to be more in the way of assets, such as property, investments and pensions, and less working time available for an individual to build up money for retirement.

If you are considering a divorce, it is crucial to put have a financial order put in place to give you the security you need for the future.

Pensions in silver divorce

The issue of pensions in divorce between an older couple are of particular importance.  When dealing with a divorce, all assets held by each party as well as jointly owned assets need to be disclosed. There may be several pensions in existence, and they should all be valued. The amount the parties are likely to receive by way of state pension should also be taken into account.

If the court is asked to decide how to divide finances, it will look at the available funds and the needs of the parties, amongst other things. If one party has less in their pension than the other, it is open to the court to make a pension sharing order. This means that some of the larger pension will be transferred to the other party. Alternatively, that party could receive a bigger share of other assets.

Matrimonial home in silver divorce

Similarly, the value of the shared home will be taken into account when sharing assets. If one party wants to keep the property, the other party will need to be compensated for this. Where insufficient assets are available, it may be necessary to sell the property.

Settling out of court

The courts prefer that couples reach a financial agreement between themselves wherever possible, without the need for litigation. Where it is not possible to reach a negotiated settlement, alternative dispute resolution such as mediation, arbitration or collaborative law can be used. This is very often successful in helping couples resolve matters without the need for a court hearing.

Get in Touch

For expert legal advice on family law, divorce law or estate planning, contact Chadwick Lawrence today. Our specialist family law solicitor team is here to help with any questions or issues you may be facing. We offer consultations over the phone, via video call or in person at one of our offices across West Yorkshire.

Call us: 0800 015 0340
Email us: family@chadlaw.co.uk