Although there are encouraging signs that divorce rates have fallen to a 44 year low, rather than a ‘seven year itch’ scenario it seems that the mid-life crisis generation is now topping the divorce statistics.
The rise in the so called ‘silver splitters’ is related to a number of different factors according to the ONS (Office For National Statistics) People are living longer and, in general., healthier lives. Hitting 50 or 60 is no longer ‘old’, with many people choosing to ‘spend the children’s inheritance’ and have a ball, travelling the world and enjoying their freedom like no other older generation before them. Faced with another 20 or 30 years stuck in an unhappy union and the children off their hands, many people decide to call time on their marriages.
Geoff Newman, Development Director at leading Hertfordshire financial advice and financial planning firm Lyndhurst Financial Management says
“Later divorce is a growing trend that we are aware of at Lyndhurst. It’s now so much easier to get a divorce but for older couples, whose lives and finances have been entwined for many years, splitting the assets fairly can be a nightmare.
As well as the bigger assets such as property and pensions, there is also life insurance, inheritance and any other assets the couple may have that have to be shared legally. It’s often a complex situation because couples can accrue a lot of wealth over the lifetime of their marriage. A property that was bought in the 80s or 90s would now be worth considerably more for example.
We would always advise divorcing couples or co habiting couples who are separating to get professional financial advice. It will save them lots of time and heartache. We acknowledge that divorce can be an emotional time for both partners and we have a Focus for Women team who specialise in helping women make the best decisions for their financial future.
It’s always best for both parties to outline both joint and individual assets so that the fairest solutions can be reached. This is usually done with the help of their solicitor(s) but that’s essentially from the legal side. A financial advisor has been trained to give people the best options available based on their current financial situation so that both sides can plan for a secure future and positive retirement.”