In 2022 the UK divorce rate fell to its lowest level since 1971. However, one group is bucking this trend: divorce amongst over-65 heterosexual couples is increasing. In the decade between 2005 and 2015 the Office for National Statistics recorded a 23% increase in the number of over-65 men getting divorced and a 38% increase in the number of over-65 women. With an ageing population this may be to be expected. However, in financial terms getting divorced over the age of 50 is a lot different to getting divorced in your twenties or thirties. Especially for women.
If one partner (often the wife) has given up a career to raise the family then they face a number of financial challenges that their partner who continued to work won’t face after the divorce. If you are not yet of retiring age, then getting divorced after more than a decade out of the workplace will limit the types of jobs open to you and how much you can earn. In financial terms you will be earning a lot less than if you’d continued to climb the career ladder. If you are of retiring age, then not having worked while raising your family will have had a significant impact on your pension contributions. Despite all this, your post-divorce future need not be quite so bleak.
The Courts recognise the contribution that stay-at-home parents make to a family. So much so that if you gave up your career to look after your children then you may be entitled to a share of your ex-partner’s pension after you divorce. Similarly, spouses are often named as shareholders or directors in a family business. If this is the case then you may have a claim against the value of the business as well being entitled to future dividend payments.
At Pilgrim Hope our highly experienced solicitors will work to ensure you receive a divorce settlement that recognises your true contribution to the family. Plus, as members of Resolution we believe that divorce doesn’t have to be confrontational.
To arrange a free 30 minute consultation, call us on 01257 422 500. Lines are open 8.00am to 9.00pm Monday to Friday and 9.00am to 7.00pm on weekends.