Rupert Murdoch has found himself back in the headlines with reports that he is set to divorce his fourth wife, Jerry Hall, at the age of 91. Later life divorce has risen by 64% since 1990 and shows no signs of slowing down. In fact, now one in four divorces occur after the age of 50.
Divorce can have a huge effect on a couple’s finances, especially as they approach retirement. There are seldom custody or child support issues because the children are grown and gone, however financial issues can be an even bigger consideration than among those who divorce in their 30’s or 40’s.
Divorce in your 60’s or 70’s can be a difficult experience, and while there may not be child custody issues, that does not mean the grown children do not get involved, even taking one side or the other. There are many different considerations for seniors contemplating a divorce, in particular pensions, which, along with the family home, will probably be the most valuable assets to be divided up between the couple. There may also be health issues, spousal maintenance, capacity or care fees issues to be considered.
Ultimately, it’s essential to make the decision that’s best for you and those important to you. It’s important to speak to a solicitor for expert advice and assistance throughout what can be a difficult process and to make sure that you understand the process and how it could impact your life.
One thing is for sure—sixty or seventy is just not “old” anymore, and those who are considering a later life divorce have plenty of time left to do the things that make them happy.
If you have decided that your marriage has broken down irretrievably, Walker & Sharpe’s knowledgeable and pragmatic Family Law team offer a full range of bespoke family law solutions tailored specifically to you. For further information or advice, please get in touch.