‘Silver splicers’, ‘silver separators’, ‘grey divorcees’. Multiple terms have been coined for the phenomenon of couples getting divorced later in life. The Office of National Statistics (ONS) reported as far back as 2017 that the over 60s was the fastest growing divorce group in the UK, and the trend appears to have continued in the years since (although concrete data on the age of people getting divorced is no longer collected as part of the divorce process).
There is a parallel rise in the number of older people getting remarried.
In this article we discuss some of the reasons why there may be a greater impetus to divorce when you are nearing or are already retired, and we look at the wider context of divorcing later in life and what it could mean for your finances, your pension and your future.
Why are there more grey divorces?
In 2022, the most recent year for which figures are available, the overall divorce rate was the lowest since 1971. But divorce rates among those over 65 continues to grow. Older people are also more inclined to divorce and form a new relationship. The ONS suggests this is because:
- People are living longer so there are more possibilities for divorce to arise. In 2023 life expectancy in the UK was 6 years for men and 21.1 years for women
- Older people are more economically and socially connected, more likely than ever to be working, and able to support themselves outside marriage
Other suggested reasons for grey divorce include:
- Less of a willingness to put up with intolerable behaviour in later years
- The fact that there is no longer a need to show any reason for divorce under the no-fault divorce regime.
- There is more acceptance of divorce across society as a whole
How Will Getting Divorce Later Affect Me?
The decision to divorce is a difficult one at any age, but in some respects the repercussions of ending your marriage are more significant when you are older. You may have concerns about funding your retirement or you may have health issues that leave you vulnerable. If you or your spouse do decide to divorce when you are older here are some of the things you should bear in mind:
- The children – When younger couples split up the issue of child arrangements is often the most sensitive area to resolve. While disputes about residence and contact may not be a feature in divorces involving older couples, questions about inheritance will play a part in many cases. What if one spouse remarries and leaves his or her estate to their new partner? Will the children of the first marriage lose their inheritance? And might this lead to a claim under the Inheritance Act that could result in expensive legal proceedings?
- Inheritance tax – Exemption from inheritance tax applies to property left to a spouse. If you divorce you can no longer benefit from this spousal exemption, It’s important to get estate planning advice if you think your estate may attract inheritance tax. In any event when you divorce you should update your will because any gift to your former spouse will not be recognised, and a former spouse is unable to act as your executor. Some couples who wish to separate but do not want to lose the benefit of the inheritance tax exemptions by divorcing may separate and enter a separation agreement which details how their finances are to be divided. These agreements have their place but are not strictly legally recognised by a court in the same way as, say a formal financial remedy order so you should always seek legal advice before entering one.
- Financial settlement discussion – In our experience when older couples divorce after lengthy marriages the matrimonial pot is often larger than when a younger couple divorce. Older couples nearing the end of their working life may have built up substantial pensions for example, and other assets may have been accumulated over many years through inheritance and other sources. This can lead to disputes over what is and what is not matrimonial property and can prolong the case and even result in court proceedings. It’s important to be constructive and open when approaching discussions about how older couples divide their pensions and other assets. This is an approach we prioritise at Brookman – our membership of Resolution the group that promotes a non-confrontational approach to family law disputes.
Comment
Divorce in later life brings a set of unique challenges. Legal advice from an experienced divorce solicitor is essential to ensure that finances and other matters are dealt with comprehensively and that you can face the future on a sure footing.