PLANNING FOR LATER LIFE 087
‘Til death do us part...
or perhaps not!
While national divorce rates are falling, they’re on the up among the over 60’s, so what do you need to consider both legally and fi nancially to protect yourself and your assets?, plus local news
T
he New Year is the busiest time of the year for divorce lawyers, with 4th January widely considered “national divorce day” after the tension and pressure
of Christmas has taken its toll on many couples and they decide to part from each other. While this may not be a surprising fact, what is however – and whatever the reasons – after-60 divorce is becoming more common. There are several reasons for this growing trend, including: • We are healthier and living longer. • We are less willing to “settle” and stay in an unhappy marriage. • We are more likely to be in second marriages in which divorce happens at a higher rate. • There is less stigma to ending a marriage. • Women are more independent and self- suffi cient than women in earlier generations. • It’s more acceptable for men to leave a long marriage for something new. • Offspring have fl own the nest.
So what’s driving this trend – one that shows little sign of abating. The number of over-60’s getting divorced rose by 85% between 1990- 2012 – and, according to the International
Longevity Centre, it has calculated that by 2037, almost one in 10 people going through divorce will be over the age of 60. Regardless of the reasons, going through
a divorce after 60 can be one of the most challenging experiences of your life. We suffer from fear – fear of the unknown, fear of loneliness, fear of losing friends or status in our local community. We experience a sense of shock, sadness and loss. All of these emotions are understandable but, left unchecked, they prevent us from moving forward. But there are also the fi nancial and legal implications to consider too. Here we touch on just a few factors you might encounter, however your fi rst step should be to seek professional advice. Getting professionals involved doesn’t mean that you are in for a “messy divorce” or that things will drag on. In many cases, the opposite is true. By having professional representation on both sides, you can separate the emotional issues that led to your split from the practical considerations of your future.
MONEY TALKS In most cases of divorces in the over 60’s, a couple have got used to dealing with their
fi nances together however, in some cases, either the wife or the husband has no idea of any of the fi nancial practicalities of life, because for the previous 30 or 40 years their other half has dealt with it all. Avoiding confl ict will leave more – perhaps
a lot more – to share. Remember, though, that either partner can empty a joint bank account and both are fully liable for joint debts.
FAMILY AFFAIRS Divorce can be hard for children, even when they’re adults. Encourage them to share their feelings and remind them that they will continue to have a relationship with both you and your ex-spouse. Tell them that you don’t need or want them to “pick sides”. They can make their own decisions. No matter how old they are, children really just want their parents to be happy and will usually give their support as you move forward into a new phase in your life.
MAKE TIME FOR YOURSELF You probably won’t want to enter the dating world for some time, but that doesn’t mean that you can’t enjoy the company of others. Spend time with the people that you love and remind yourself
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