When divorcing in your 60s or beyond (often called “silver splitting”), your financial affairs may be more complex, given the number of years you have been married and the long-term assets you have built up. Key considerations include:

• Property: For example, your home may be mortgage-free or close to it.
• Mortgage Capacity: As you approach retirement, obtaining a new mortgage may be more challenging.
• Retirement Plans: You may need to reassess how and when you will retire.
• Pensions: Deciding how best to value and divide your pension assets.
• Adult Children: They may still require financial help or live in the family home.
• Investments & Tax: Understanding possible tax consequences of any holdings.
• Earnings Disparities: Perhaps one spouse reduced working hours for childcare.
• Future Care Costs & Estate Planning: Factoring in care fees and updating your will.

While the divorce procedure itself is largely the same, the financial impact on you and your family often demands thorough planning and advice.

Pensions frequently constitute one of the biggest assets in later-life divorces, so it’s wise to get professional legal guidance to safeguard you or your partner’s interests. There are numerous pension types, each with different rules and benefits, and the value might be considered in terms of present capital or future income.

• Income or Capital-Based Splits: Closer to retirement, pensions are typically looked at in terms of income.
• Flexibility from Pension Freedoms: Since age 55, you may have greater control over your pension withdrawals, but watch out for tax implications.
• State Pension: Basic State Pension is not shareable; however, certain elements of the new State Pension, such as the protected payment, may be.
• International Pensions: If you have a pension outside of the UK, you might need alternative solutions since UK courts cannot directly enforce pension sharing abroad.

Often, engaging an actuary to produce a pension sharing report is beneficial. They can evaluate the relative values of the pensions, possibly including the State Pension, allowing you to make decisions that best fit your retirement plans.

Couples can settle financial arrangements in a few ways:

1. Mutual Agreement: Come to terms on how to divide assets, then have a solicitor draft a consent order.
2. Mediation: An impartial, professionally trained mediator helps you identify issues and reach an amicable arrangement.
3. Collaborative Law: Both parties and their solicitors meet face to face to negotiate, with a commitment to avoid court.
4. Court Proceedings: If no agreement is possible, the court will decide the outcome. This tends to be lengthier and more expensive.

No. If you are divorced, the provisions in your will concerning your ex-spouse are treated as if your ex-spouse had died, which can cause complications. Your existing will remains valid, so you should update it promptly to reflect your new circumstances and intentions.

In principle, the spouse initiating the divorce (the petitioner) can apply for costs from the other spouse (the respondent). If possible, it’s best to agree on costs early in the process, ideally before submitting the divorce petition. Should there be a disagreement, the court can decide, but there is no guarantee of success.

Although it’s possible, disputes over costs may cause delays and escalate expenses. Best practice is to agree on costs arrangements (such as court fees) before lodging the divorce application. This approach reduces potential conflict, helping the proceedings move more smoothly.

Need More Support? Contact HM & Co. Solicitors

If you are navigating a late-life divorce and want to ensure a fair outcome—especially where properties, pensions, adult children, or retirement plans are concerned—our specialist lawyers can guide you through each step.

HM & Co. Solicitors
186 Lower Road, Surrey Quays
London SE16 2UN

Telephone: 02071128180
Email: info@hmsolicitorsltd.com

We understand the complexities of later-life divorces and can provide tailored advice to help you secure the best possible financial and legal position for your future.