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Silver Separators – What are they?

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silver separators

What are Silver Separators?

These are not the latest inhabitants of the Marvel universe but rather the parties involved in so-called “Grey Divorces”. This term relates to people over 50 who are seeking divorces, a number that is rising (based on statistics from the United States).

Divorce Statistics

In England and Wales, the divorce rate itself has been falling; probably a reflection of the long-term drop in the rate of marriage. However, there has been an increase in the average length of marriages at the time they end (12.9 years in 2022). By 2022, 41% of couples divorced before their 25th wedding anniversary.

The rise in the number of “Silver Separators” can be linked to a number of factors. Second (and third, fourth, fifth, etc.) marriages are statistically more likely to end in divorce; and long marriages can falter once the “distraction” of children or work is no longer present.

Divorce for Silver Separators

Whilst the administrative process of divorce remains the same no matter how long or short the marriage, there are a number of emotional and financial issues which are more complicated when those involved are past their “partying prime”. Adult children can take parental divorce surprisingly badly, feeling either that it undermines the “truth” of their happy childhoods or that an earlier divorce might have spared them unhappy ones. This can cause consternation for the parents and increase the emotional pressures on them. The lack of a legal process to regulate how those relationships should progress can leave all involved floundering and cause long-term estrangement.

The financial impact is also inevitably more complicated. Where there have been previous marriages, there can be complications in respect of pensions that have already been shared once; and the assets may be insufficient to rehouse both parties adequately.

Where the marriage has been a long one, there may be substantial assets acquired over decades and from different sources, including inheritances. Retirement plans will need to be reassessed, and a Pension Actuary instructed to produce a report to reflect on whether the capital value of the pension is equalised or there should be income equity during retirement.

The sale and clearance of a home in which the parties may have lived for many decades is likely to need a considerable amount of work and again will involve complex emotions which can impact the negotiations.

Equally, the health and housing needs of the parties are more complex, and there is less time for any financial recovery. Balancing the housing needs of two pensioners, both of whom may need expensive care, can make sharing even generous resources difficult. If a pension is already in payment, then a Pension Sharing Order will inevitably immediately impact the pension holder. Dealing with a property which has already been subject to equity release is significantly more difficult than dealing with a house which is mortgaged.

Whether the marriage is short or long, it is important to get legal advice on the financial implications of your plans. Here at Andrew Isaacs Law, we are able to offer a supportive, empathetic, and professional approach to your matrimonial problems.

Article Dated: 08/11/2024

 

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