The fastest growing age group for separation and divorce is the over-60s, with the latest figures showing more than 13,700 over-60s were granted a divorce in 2009.
This is up 4% on the rate two years earlier and is in contrast to a falling divorce rate across all age groups.
Divorce rates have been falling in the UK, down 11% between 2007 and 2009.
Separation and divorce in later life poses some additional financial challenges, as significant assets have often been accumulated during the marriage.
In many cases, it is the second (or sometimes third!) divorce for one or both of the spouses.
With substantial wealth to be divided, prenuptial agreements are also becoming more popular for this age group. The Radmacher and Granatino case in 2010 gave these some additional legal weighting, assuming they were constructed under the right conditions.
With the busiest time of the year for divorce coming up in January, we are already starting to experience an increase in enquiries about how pension assets and other wealth can be handled during a settlement.
4th January each year is unofficially dubbed ‘national divorce day’, once the tension and stress of a family Christmas has proven too much for some couples.
Women often instigate divorce, with 75,800 women filing for divorce in 2009 compared with 38,000 men. We often find that it is women who have the biggest concerns regarding their future financial security as a result of divorce.
Photo credit: Flickr/DrJohnBullas
