“Silver Splitters” and “Silver Nups”

Whilst the most recently published statistics  show that the divorce rate generally appears to be falling, the section of society that we are told is bucking the trend is that of the over 60’s giving rise to the term, the “silver splitters”.

There are all number of reasons why more of the older generations are divorcing but it is generally accepted that those who are retired or approaching retirement are financially not only better placed than previous generations but also likely to be better placed than future generations. Having the financial wherewithal  to make the division of assets  a viable option and allow both parties enough capital and income to be able to move forward independently of one another is perhaps a significant factor.

The relaxation of pension regulations from April of 2015 gives the over 55’s  much more flexible access to private pension pots. Subject to taking the tax consequences which arise from withdrawing funds, the whole pension pot can be encashed releasing capital. This financial freedom  may provide the means to re-house rather than drawing an income from the fund in the traditional manner.

Most individuals facing divorce are well aware that pension sharing orders can be made which allows a pension fund which is not yet in payment to be shared between spouses on divorce. What some do not appreciate is that a pension sharing order can also be implemented against a fund which is already in payment. Facing divorce can be difficult at any age but for those in retirement there may well be added complications which require careful thought and professional advice.

Divorcing later in life may well mean a new relationship and this again needs careful thought. We are seeing a rise in the number of pre-nuptial agreements but particularly with the older generations. Anyone considering re-marrying or cohabiting and particularly those later in life, should also consider a pre-nuptial or cohabitation agreement and also re-visit their will. Situations where the parties have children from previous marriages and a concern for protecting assets for the next generation(s) are becoming more commonplace. Not only is the term “ Silver Splitters” regularly referred to in the press but we now also have “Silver Nups”, pre-nuptial agreements which particularly focus upon the desire to protect assets for future generations.

The Family Team at Chadwick Lawrence have vast experience in respect of all such matters and are happy to advise those contemplating or facing divorce and also those about to make a fresh commitment and perhaps start all over again.

For advice on this, or any other family law matter, contact our specialist team of family lawyers today on 0800 015 0340 to arrange an initial free half hour appointment at any of our offices in Huddersfield, Halifax, Wakefield, Horbury, Leeds, Pudsey or Morley.