Recent research has unveiled a new societal trend, one which directly opposes the accepted norms. Those who grew up in the much vaunted 1960s and experienced firsthand the emancipation of social and sexual restrictions are now at the spearhead of another revolution; that of divorce after retirement.
According to the latest figures, those over the age of 60 are getting divorced more regularly than any other age group in the UK. In the past year alone there have been 15,275 divorces recorded for those over the age of 60, which represents a staggering 50 per cent increase on the figures for the year 2000.
These figures show just how dramatically the social sphere of pensioners has changed, primarily a result of a dramatic increase in living conditions. At the age of 60 people are still independent enough to start a completely new phase of their life. Retirement is now something to be enjoyed to the full, rather than simply being endured. Despite the emotional difficulty associated with the divorce of older parents, many children are happy to see their older parents revel in the twilight of their lives.
The rise of silver divorces in context
A ‘Silver Divorce’ is the term perhaps unkindly coined for a divorce in retirement, and these so-called silver divorcers are currently bucking the trend of a fall in divorce rates across the UK. Recent statistics provided by the marriage counselling service Relate, has identified a trend that could result in those born between the years of 1946 and 1964 being the first generation where more people choose to live alone than remain married.
The 50 per cent rise in divorce after retirement could not contrast more with the general trend for divorce figures, which show an 11 per cent decline. So why are silver divorces becoming increasingly commonplace?
Changes to the social landscape
In the past few decades there has been a disproportionate change in familial and social attitudes and structures, not just across the UK but also the Western world. At one time divorce carried with it a social stigma which has been almost entirely removed. Couples who in the past would have stayed together in an unhappy marriage are now free to divorce without fear of any associated social ostracization.
Over the past few decades there has also been a seismic shift in the equality of women. Many more are now financially independent, giving them the freedom to divorce in later life without having to persist with a relationship they are not happy in simply for the sake of money.
In addition to these factors, there has been an increase in life expectancy and a subsequent rise in the quality of life people generally experience after retirement. In many faltering relationships, couples agree to stay together until children have left the family home; however, by retirement age (with a bit of luck) children will have grown up and fled the nest.
Supporting yourself financially after a divorce
Those who choose to divorce after retirement will have to contend with a reduction in their income. Rather than living comfortably on two pensions, they will be reliant on their individual income alone along with their share of the assets which are split during the divorce. As children are no longer dependents, any assets will usually be split 50/50. The key to a happy retirement after a divorce is a pension income which is sufficiently generous to allow you to enjoy yourself and live comfortably. Problems can arise in relationships where one partner has stayed at home to raise children whilst the other has built up a sizeable pension pot.
Private pensions and joint life annuities are treated the same way as assets such as property and should be divided appropriately as part of divorce proceedings. However, there is widespread evidence that pension sharing is not widespread and only occurs in ten percent of divorces.
With income such a key factor in enjoying retirement after a divorce, it is highly recommended that you consult a specialist family law solicitor, who will be able to provide the expert advice you need to ensure you receive precisely what you are entitled to. They will be able to put provisions in place which split pension income at source, ensuring you receive your entitlement without having to rely on the integrity of the pension holder.
If you’re considering a divorce in retirement then Howells Solicitors can help. Our family law team have the experience required to help you through what can be an upsetting and stressful time, providing the support you need to cope with a sensitive and difficult situation. Whether it’s a simple, effective online divorce or a managed divorce package, Howells can provide the solution you need.
by Richard Scott
