Divorce or separation at any point in life can be difficult, but especially so in later life.
We understand that after spending many years with someone such a huge change can be a daunting prospect and the path ahead may not seem clear. If you do find yourself in this position, there are positives to consider too.
Hopefully the assets within the marriage are clear as pensions will have been built up and mortgages reduced or paid off. Accordingly, this will help you to make an informed decision as to what financial settlement is fair. The re-marriage rate for those aged 60+ has also risen and you may choose to enter into a new relationship with the knowledge of financial security and stability.
You are not on your own, our experienced family lawyers are on hand to provide practical advice and we will work with you to achieve a fair outcome. Our aim, and the aim of the Court, is to ensure that any financial settlement will allow you to meet your future needs. The process of divorce can initially appear overwhelming, but we will be with you every step of the way to ensure that you fully understand the process and your options.
Naturally, the older you are, the more likely it is that you own property and have pension assets. Working out what is fair can be complicated, as there may be different types of assets and different need. We would always recommend taking specialist advice to ensure that you receive a fair settlement.
Getting advice from a pension actuary may also be necessary. Professional guidance can be obtained to address division of pension assets and to provide illustrations of the pension income that you need/will obtain. We can help you at each stage of the process.
Is divorce the best option for you?
For some people, the decision to end their marriage may have been made on a joint basis – you want to separate on amicable terms and remain friends. If this is the case and you have no plans to re-marry, you may wish to consider an informal separation rather than a divorce. A Separation Agreement can be utilised to address this; the agreement enables you to share your assets and finances whilst staying married in name only.
Considering re-marriage
On a positive note, travelling on a different path later in life can be liberating. There’s less pressure and you will have life experiences to help you move forward. You will have a clearer idea about what you want, without having to worry about extended family, who are likely to be adults now and leading independent lives. If thoughts lead to re-marriage it is worth considering how best to protect your assets e.g. with a pre-nuptial agreement. You should also consider preparing and/or updating your Will. There are positives to being older and wiser!
If you’ve reached the stage in life where you’d like to discuss separation or divorce; or you’ve met a new partner and want advice about a pre-nuptial agreement, please do get in touch with us.
