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Grey divorce – Divorcing at the age of 50 and above

What do you need to know?

Divorce rates have been declining year by year but divorces among 50 to 70-year-olds are increasing.

Divorces involving those aged 65 and older have tripled since 1990.

The Office for National Statistics (ONS) found that between 2005 and 2015, the number of men divorcing aged 65 and above went up by 23 per cent and women by 38 per cent.

This is because of longer life expectancy, financial security and the rise of internet dating as well as some men and women working past the age of 65 and having the means to support themselves.

Divorce at any point in life is complex and can have emotional and physical impacts.

It can also affect your family and close friends as you go through the process.

Custody of your children may not be an issue if you are divorcing later in life as they will be older.

But your finances may need more consideration if you have been married for longer.

What do you need to consider if you are divorcing over the age of 50?

The following factors are some of the most important things to consider when starting the process of divorcing later in life.

The home

Often older couples facing divorce will need to sell their house.

One person in the couple can buy the other out or ownership can be transferred but usually selling is the most appealing option.

This is particularly important to consider as it is more difficult to get a mortgage in later life.

Joint businesses

One of your concerns might be related to a business venture you and your partner are involved in.

An agreement over what will happen to any businesses will need to be made.

Joint businesses will need more of a discussion as you decide how to go forward with it.

Receiving legal advice will be vital during this process.

Updating your Will

You need to update your Will because any existing Will still applies, irrespective of divorce or separation. This is particularly important if you begin a new relationship but do not remarry.

Updating your Will can help ensure your children inherit in accordance with your wishes and also that arrangements are tax effective.

To be able to preserve your assets for your new partner, you must prepare a new Will after divorcing.

You can go through the process of updating your Will with our specialists and we will ensure everything is correct and accurate for you.

Income

A difference in later-life divorces compared to younger marriages is that income is not always the primary concern.

Often, more money will have been saved, built up in pension pots and long-term investments will help contribute to any financial concerns you may have when it comes to your divorce.

You can discuss any issues or concerns with a family solicitor who can guide you through the process.

We can help you to make the right decisions for yourself and your family.

Get in touch for more advice on this.