Late Life Divorce

The fastest growing area for divorce is that amongst those aged 55 years and above. The greatest numbers are still amongst younger people, but there is an increasing number of divorces now amongst older people. There are a number of reasons for that.

People are living longer, the expectation is that rather than settling down to retirement with somebody who they may not be getting on with, they have the financial ability to live separately, and the expectation that life should be worth living for those now increasingly long remaining years.

Another factor is that many parents decide to wait until the children have grown up and left home before filing for a divorce.

Late life divorce brings up specific issues that need to be addressed. Generally older people have more assets. There are complications with regard to pensions and how to maintain a party who may never have worked, or a situation where one or other of the parties is retired and in receipt of pension.

It has to be remembered, too, that children rarely leave home for good. If they go to university, it may be a difficult period in their own lives, and the last thing they want is for their home to be sold and for their parents to be living separately.  So, even for those divorcing later in life, there still may be difficult issues with regards to their children, or even grandchildren.

The divorce process is still the but, when it comes to dividing the financial assets, pensions are generally far more important. If only one party has been working, their pension pot may be significant and may have been intended to form the basis of a very comfortable retirement. When this is divided in two, there may be insufficient income for both parties to manage comfortably and/or maintain the family home. It can be very difficult if one party initiates a divorce that the other party does not want as it can mean significant financial disruption as well as the emotional turmoil of a separation or divorce.

Please see the Blog on the Cotswold Family Law website for more articles about this subject.

To discuss your individual circumstances, please contact us to book an appointment.

 

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