Tips for Silver Splitters – How to Make the Best of your Retirement on Divorce

There is a rise in “grey divorces”.  In 2011, 16,000 people aged 60 plus divorced, which was almost twice as many as 10 years earlier.  Quite often, those divorcing upon retirement bring a significant asset to the table, which is their pension.  Here are some top tips to help those going through a divorce later in life make the best of the situation:-

  1. Get some financial advice straight away. There are two ways of dealing with pensions on divorce.  One is for a spouse to keep the pension whilst the other takes more of the assets to compensate them; the other is a pension sharing order whereby a pension is split between the two.  You do need to get some expert family law advice to assist you in coming to the right decision.  Here at Ridley & Hall, we have significant experience of dealing with older couples divorcing.
  1. Litigation can cost an awful lot of money. It is far better for you to try and resolve matters on a more amicable basis.  Mediation is available for couples going through separation.  Mediation is by far and away the cheapest, and quickest, way of resolving the dispute if both of you are willing to engage in the process and wanting to make it work.
  1. Try not to get personal. Whilst divorce is always difficult, emotions can get in the way of couples reaching a sensible solution.  Whilst you may feel hurt, remember to be ruled by your head and not your heart.
  1. Divorce can be a lonely process. It is really important that you ensure that you keep yourself busy and get out in the community.

vickie-medd-hsVicky Medd is a partner and head of the Family & Mediation team at Ridley & Hall and if you want any more advice, please give her a ring on 01484 538421.