More Over 65s are Getting Married, but May Have More to Lose if They Divorce
03/07/2018
Although more people over the age of 65 are tying the knot, the divorce rate in this age group is also rising.
Figures released by the Office of National Statistics show that between 2004 and 2014, the number of brides and grooms aged 65 and over went up by 46% in England and Wales.
Similarly, the number of divorces for couples aged 65 and over also shot up. In the decade 2005 – 2015, 23% of men got divorced, while 38% of women in this age group decided to call it a day.
Reasons for ‘silver splitters’ are numerous, but the general view is that it’s due to the post-war baby boom and people living longer. In 2017, an average 65-year-old man could expect to live for a further 19 years – two years longer than that of a man the same age in 2004. For women, the gap has also widened from 20 years in 2004 to almost 22 years in 2017.
As people live longer, people are more unwilling than ever to remain in an unhappy marriage. The stigma traditionally associated with divorce doesn’t exist in today’s society in the way it did in the past and as more people are working beyond retirement, the idea of being self sufficient outside marriage is more conceivable.
Whatever the reason, divorce at any age is difficult. But, for older couples who tend to have more assets and bigger pension pots, it can be much more problematic.
Donna Leigh, a solicitor who specialises in high net worth divorceat Russell and Russell, says: “Many older people don’t realise how much wealth they’ve built up over a lifetime. Whether they’ve had a modest income or have been a high earner, the compound effect of savings, pensions, any shares or ownership of other assets and the fact that house prices have risen 23% in a decade means that their personal worth can be far greater than they anticipated.
“High net worth divorces can be complex, but the starting point is always a 50/50 split. From there, the matrimonial assets – and any debts that can be attributed back to the marriage – have to be declared, assessed and valued. All the circumstances of the marriage, including the parties’ ages, the length of the marriage, the income capacities of the parties, any health issues, for example, are considered before a division of the matrimonial assets is achieved. There are a number of ways assets can be divided and a good solicitor will outline these clearly and transparently.”