088 PLANNING FOR LATER LIFE
of the many things in life that you still enjoy – and that you want to achieve.
PROPERTY & PENSION There’s every chance the separating couple has been in the family home for decades, but it’s more often than not that it’s impossible for either half of the couple to afford to stay. Yet some people will be so keen to hang onto the family home and the emotional ties that come with it, that they are initially willing to give up all the other assets of the marriage in order to keep it. However, this may not be practical, because they still need a way to generate an income. At this age, the income is derived primarily from pensions, and any divorcing couple needs to decide what to do about their pension policies and entitlements. While they were together, they may have evened things out through household spending. In the event of a divorce, part of the process is to do this more formally – starting with the assumption it will need to be split 50:50. In cases where the home makes up the
bulk of the rest of the assets in the marriage, it leaves the non-pensioned member of the couple with a headache when it comes to generating an income in retirement.
ISAS & OTHER INVESTMENTS Aside from the family home and the pension, there may be other investments to share, such as funds, ISAs, shares and with-profi t policies. It’s vital for a couple to understand the implications of cashing these in – and to assess the best way to divide assets. In cases of relatively well-off couples, there’s the additional question of Inheritance Tax. Couples often manage inheritance issues between them – leaving their half of their estate to their spouse on their death, so there’s no Inheritance Tax to pay, and their £325,000 tax-free allowance can be added into their partner’s. After a divorce this is no longer possible.
PRE-NUPS – THEIR TRUE WORTH Pre-nuptial agreements that have been signed before a marriage, about who will get what if the marriage ends, are not legally binding, nor are agreements made during the marriage. However, the court will usually accept one if both parties had separate legal advice and disclosed their fi nances fully, as long as there was no duress and the outcome is fair.
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Contractor Kier to build stylish
new retirement village One of the UK’s leading construction companies, Kier, has been contracted to build phase one of Ledian Gardens, a stylish retirement village in Leeds, near Maidstone. Work on the fi rst phase of the retirement village started last month, and will include 66 apartments and a “village centre”, complete with wellness suite, swimming pool, gymnasium, restaurant, bistro and bar, with completion in spring 2021. A number of reservations have already been made off-plan. Inspired Villages, a leading operator of
retirement villages, owns and operates six other villages around the UK, but Ledian Gardens will be the fi rst the company has initiated since going into partnership with Legal & General in 2017. Prices for the homes at Ledian Gardens
start from £275,000. • Visit
inspiredvillages.co.uk
SENIORS CHOIR OPEN TO ALL
Celebrating its fi rst anniversary, Trinity Encore Senior Choir is open to everyone, including people living with dementia and their carers, who come together every Wednesday during school term time for a 90-minute session at Trinity Arts Theatre in Tunbridge Wells. The number of people predicted
to be suffering from dementia in Tunbridge Wells in 2026 is 30,100. In fact, Tunbridge Wells has the greatest growing rate of dementia in West Kent. The choir was founded in January 2019 with funding from the People’s Postcode Lottery to help improve wellbeing, confi dence and quality of life for those living with dementia. Singing improves posture, speech, lung activity,
muscle mobility but most of all mood. Music is one of the last things
affected by dementia in the brain, and its power to spark memories and facilitate new learning is huge. Trinity Encore Choir could never have hoped for the amazing progress it has made during its fi rst year. In fact: • 80% of participants said singing makes them happy. • More than half stated they feel healthier. • 100% of companions have noticed a positive change in their loved one’s mood and ability to concentrate. • For more information, visit
goodneighbourproject.org.uk or
trinitytheatre.net, or contact the Trinity Theatre box offi ce on 01892 678678.
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