Dealing with divorce at retirement age is quite different than if you are going through it in your twenties or with a young family. There are varying obstacles to overcome, including how to share the news with your older children, and financial matters like property and pension splitting. Top tip: take a look at the Wiselaw Divorce and Pensions guide – a great starting point. To help you get in the know about divorcing later in life, we’ve put together some basic but helpful tips and advice.
Statistics reveal that divorce rates amongst the older generation are increasing, despite the overall drop in divorce numbers generally. Many couples divorcing at retirement age have been married for a number of decades, although naturally, some of the figures relate to second marriages and those who chose to marry later in life.
There are several reasons for the increase in divorce rates amongst retirees. A major one is that having stopped a full-time career, there is plenty of time to reflect and more time to spend with your spouse. This can result in the realization that you have been left with little in common. One partner may realise ‘life is short’ and decide to make the most of it by doing the things they want to, and not spending it with someone who doesn’t have shared interests.
It’s often the case that only one of the partners is passionate about starting a new life through divorcing, while the other is vehemently against it. One reason for this is that women are now more financially independent from men, and can seize the opportunity to explore new goals once children are settled into their lives. Although some people may still feel shame or a failure because they are divorcing, these connotations are diminishing over time. Today’s generation are also physically healthier which has brought about a new mindset of ‘living for the now.
Finally, make sure you protect your finances. This can involve working out how to divide assets like property, investments and pensions. Doing this can feel especially daunting when you have just finished working, but don’t be afraid to get all matters out in the open and make sure you are being honest and receiving honesty about all financial assets. Discuss and agree on things before your divorce if this is possible. Doing this will make things easier and less expensive.
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