Increase in marriage and divorce in retirement

Dubiously dubbed “silver splicers” or “silver separators”, the research clearly shows that both men and women of retirement age are now getting married and divorced later in life. The ONS found that the number of people aged 65 or over getting married has risen by 46% over the last decade. Meanwhile, the number of women over 65 getting divorced increased by 38% and for men of the same age, it has increased by 23%.

Many reasons have been put forward for both increases, including improved economic independence and greater access to the internet, and internet dating in particular.

Untangling a lifetime of entwined finances

Divorce for the over 65s is often a far more complicated process than for younger couples who haven’t been married for as long. Anyone considering or facing separation will need to bear many issues in mind, including:

  • Pension pots. These are typically much larger for the over 65s, but couples will need to decide how these assets will be split. State pensions as well as private schemes will also need to be considered as part of the divorce.
  • Shared property. Mortgage borrowing can be more difficult for the over 65s, so divorcing couples will need to consider how the sale of one property will fund the purchase of new two separate properties.
  • Inheritance tax. While divorced couples have the same allowances for tax-free inheritance, they can no longer transfer assets between them without paying IHT.
  • Wills. Couples who divorce must re-write their wills as a matter of urgency, if of course they want to change any legacies or beneficiaries – which most are likely to.
  • Life insurance. If you have a policy and it names your former spouse as a beneficiary in the event of your death, you are likely to want to change this following the separation. Make sure you revisit historic policies and documentation from years ago too, as there may be ‘death in service’ payouts for pensions or policies that you may have forgotten about.

The importance of getting the right advice

Sorting out complicated shared finances going back decades, and ensuring that both parties are treated fairly following a divorce, can be a tricky business. It is crucial that you have only the best legal professional on your team to offer expert advice you can rely on.

Get in touch with Tracey Miller Family Law, Liverpool divorce specialists, for a friendly chat about your circumstances and to start putting the right plans in place.