Older people in England and Wales are getting divorced (and re-married) in ever greater numbers. The office for national Statistics have shown that between 1990 and 2012 there was an 85% increase in divorce in the over 60’s. Senior Partner Matthew Moore at Gales Solicitors advises on the importance of taking proper advice before committing to any division of assets in a divorce, particularly in a divorce later on in life, or close to or after retirement.
Matthew commented, “Divorces later in life present particular problems. Re-mortgaging can be all but impossible. Pension income cannot be replaced and the available assets are very unlikely to increase significantly. Poor decisions made during a divorce for a young couple might be put right with time but for an older couple it is essential to get the split right, to be sure that there is sufficient income and capital for both to enjoy their retirement.”
Continuing, Matthew urged, “Always speak to a solicitor first as this will help you get the right result in the long run. Retirement doesn’t have to restrict separation. There are always options which are worth exploring and pursuing, such as equity release mortgages. These are not suitable in all cases but there are possibilities to pursue. Where there is an age gap it can make a difference to the judge’s agreement if one party can still rebuild capital or sufficient pension funds.”
Anyone wishing to contact Matthew to discuss divorce is asked to call Tel. 01202 512227 E: firstname.lastname@example.org