Although figures produced by the Office for National Statistics have shown a decrease in the total number of divorces each year since the 1990s, they also show that during this period an increasing number of people aged 60 and over are now getting divorced.
There are a variety of different theories regarding the increase in divorces among the over 60s, which are often dubbed ‘silver’ divorces.
One of the reasons, according to ONS, is that an increasing amount of people aged 60 and over are now living in England and Wales. Therefore, naturally we are seeing an increase in the amount of silver divorces due to the fact that there are more people aged over 60 living here.
Other suggested reasons for the rise are the increasing life expectancy and also the loss of stigma in being divorced.
Due to the fact that couples aged 60 and over have usually been together for a long time, sometimes most of their lives, the financial settlement upon divorce is extremely important.
Silver divorcees have very different financial needs to younger divorcees when it comes to settlements.
For example, making sure that they get a fair split of the pension pot is one area that divorcees must be focussed on. Often people become determined to fight for their family home, however, taking on a whole mortgage alone can be extremely difficult financially, especially during retirement.
There is also the retirement income to think about in a settlement amongst many other possible financial implications such as a partner’s outstanding debts.
Some over 60s decide to separate and agree between themselves who gets what during a split, without the input of a lawyer. The problem with couples deciding to deal with the split themselves is that without a signed consent form, both parties leave themselves open for further demands, even if the demand in question is for something accrued after the separation.
If you would like to speak to one of our friendly divorce solicitors and find out more about the financial settlement in an over 60 divorce call 0151 264 7363.