Separating in older life can be an emotionally fraught experience and you should seek the advice and guidance of an experienced family lawyer who can support you through the entire process, from the initial consultation through to securing an agreeable settlement.
Silver separation or silver divorce is on the rise and it is becoming more common for those over 50 to divorce. Individuals divorcing when older face different issues to those separating in their 30s and 40s – it’s less likely a silver divorce will involve children, for example, although access rights to grandchildren could be an issue as could planning for retirement and distribution of a lifetime’s worth of assets.
In our extensive experience of handling silver divorces, some of the major issues to be agreed upon in the divorce settlement include:
Potentially your house has been your family home for a long time and you may have an emotional attachment to it which needs to be considered. It is likely to be mortgage free but this still may not mean sufficient funds to buy two new properties once sold. You need to think about how easy getting a mortgage might be, and whether other options may suit you better, such as equity release to allow you to stay in the house while your spouse gains the capital needed to re-house.
Often when people divorce in later life, there is an inequality of incomes and pension funds due to one spouse sacrificing their career to look after the family, resulting in them having not paid enough national insurance to claim a state pension. Professional advice is needed on pension sharing and the best option to pursue.
Spousal maintenance is often needed for silver divorces as there can be a big earning capacity gap and the spouse earning less may struggle to live on their new income.
Divorcing in older age can leave you feeling financially as well as emotionally vulnerable as a result of wanting and needing to plan for your retirement at this stage in your life. This is why our approach is sensitive, sincere and experienced, and we provide you with specialist legal advice and guidance to help ensure the process is as stress-free and favourable as possible.
Regardless of how complex your situation is or whether you are petitioning or responding to divorce proceedings, our family law team will work hard to understand the assets and factors involved to achieve quality of life for each party and ensure your future financial security as a divorcee.
For an initial consultation with one of our professional and experienced divorce lawyers, contact us today. Freephone 0800 988 3674, email email@example.com or click the blue button below to make an online enquiry. Every aspect of your particular situation will be taken into account including assets, income, housing needs, health and retirement plans, and we will tailor any legal advice accordingly and provide supportive, responsive guidance at every step of the process.
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