Over the last ten years, whilst the amount of couples separating has decreased generally, the number of couples over 50 years old divorcing has increased and couples over 65 years old is even higher.
When older couples separate, there are generally special factors to consider when getting divorce. Couples may have been married for a long time or have married later in life having been divorced or widowed before.
Divorcing Over 50 Years Old
Key Factors To Consider
One of the main consequences for older couples separating, can be for the person in the relationship who has stayed at home to care for the children and who have no savings of their own, and until separating would have been reliant upon the other for financial support. Spousal maintenance may have to be considered in these circumstances, along with how the capital accrued during the marriage should be divided.
Pensions are also an important asset to be dealt with on divorce. The financially weaker spouse may be concerned as to how they are going to be able to meet their needs in their retirement. Pension arrangements can be complicated and a solicitor may require expert evidence to resolve the dispute as to how they should be divided.
When older couples have interest only mortgages, this can also present a problem in rehousing the parties separately, affordably, particularly if one party is unable to secure a mortgage. Sometimes equity release is necessary to raise funds to meet the parties’ needs.
Often one person may have owned a property before the marriage took place, and when couples have been married for a long time, this can sometimes make it more difficult to determine the true value of matrimonial assets. During the marriage, any assets that one person owned before the marriage took place, could have become mingled with matrimonial assets. The overall objective is to achieve fairness, so a Court will try to calculate the value of the matrimonial and non-matrimonial assets where possible.
There can also be Tax considerations to take into account as older couples may suffer a loss in various tax advantages, especially in relation to Inheritance Tax. For example, any transfer of properties between married couples are often covered by the ‘unlimited spouse exemption’ – this does not apply after divorce. It is therefore important that couples separating, deal with all financial issues prior to the divorce concluding.
Given all of the issues that need to be considered, it is important that you seek expert legal advice to ensure that your financial needs are met after separation and divorce. Your solicitor will be able to reassure you as to what you are entitled to and that your needs will be met in the future by looking at all of the assets and advising you as to how each of these should be dealt with hopefully giving you piece of mind for the future.
How Can Nelsons Help?
If you need advice on separation or any other family law related matter, please contact our expert Family Law team in Derby, Leicester or Nottingham on on 0800 024 1976 or via our online form. They will be happy to discuss your circumstances in more detail and give you more information about the services that we can can provide.