Thinking about a ‘silver’ divorce?
In the last few years, the overall divorce rate in the UK has been dropping. However, this is not true of silver divorce. Older people are separating at much higher rates every year. These people have also been dubbed “silver splitters” by the media.
So if you’re older than 50 and thinking about divorce, the first thing you need to know is that you are not alone. Previous generations may have considered silver divorce a taboo but that is rapidly melting away. There is very little, if any, stigma attached to it now. This is especially true when the average life expectancy is always on the rise. While you may have been absolutely sincere when you said “until death do us part” it is not a sign of personal failure to change your mind after 30, 40, 50 or more years together.
People who divorce later in life have more to consider than their younger counterparts. Over the course of several decades, they will usually acquire money and property which will need to be divided.
There are many different factors which can influence how this split will be determined.
Children could be a factor, but with silver splitters it is likely that their sons and daughters will be adults in their own right.
The employment status and the financial and housing needs of the parties will be more significant. If one spouse has taken a significant amount of time away from their career they might need a lifetime maintenance settlement, unlike those who worked throughout the marriage.
What about pensions? If either you or your spouse has a substantial pension arrangement, it is common for the funds to be shared upon divorce. An alternative is for the spouse without the pension to take a larger share of the house or savings to offset pension claims.
Then there’s the issue of the marital home. What should be done with it? There are many options available. You could look to have it transferred completely to yourself, one spouse could buy the other out of their share, or you could both sell it and split the profits. Those are just three possibilities.
Silver divorce can be a daunting prospect at any age but it is always important to get good quality legal advice before you proceed. Luckily, Stowe Family Law’s nationwide team of family lawyers have a wealth of experience in this matter so they will be able to answer any questions you may have.
Get in touch today to discuss your divorce.