It has been recently reported that many couples who have been married for decades and who are reaching their fifties, are now seeking to divorce.
There are many reasons for these so-called ‘grey’ divorces, not least because the life expectancy of the population is rising. Divorce solicitors in North Wales often suggest to their clients that they plan for any eventuality and have their financial matters properly dealt with.
Another reason cited as to why older couples are divorcing is that many women have worked hard to secure their own financial independence compared to previous generations. This has allowed them to make more decisions about their future that are not dependant on their spouse. It has also been noted that once the children of a marriage have left the home, there are fewer ties binding relationships together.
The last budget saw changes to income structures like pensions, and it is anticipated that these updates will have an impact on how such finances will be divided when older couples divorce. Also, generally, the familial home will be fully paid for and is often one of the biggest assets for a couple. The recently introduced mansion tax could potentially have a negative impact on a divorcing partner who has the least amount of disposable income and who may not be able to afford to buy out their ex-spouse.
At Bennett Smith Solicitors, we can help you to navigate the intricacies of later life divorce so contact us now to book an appointment.
