Navigating the Challenges of Grey Divorce: Insights from a Family Law Expert 

This article by Alastair Sinclair, Senior Family Law Consultant Solicitor at Setfords, discusses the topic of ‘grey divorce’ and the challenges that can arise from it. 

The trend of ‘grey divorce’, also known as ‘silver separation,’ has been steadily rising, presenting challenges that necessitate a thorough understanding of its financial and emotional ramifications. Grey divorce refers to divorce among those aged 50 and older. 

Recent high-profile separations have brought significant attention to this trend. The much-publicised split between prominent television presenters Eammon Holmes and Ruth Langsford underscores the reality that even seemingly stable, long-term marriages can face challenges leading to divorce in later life. 

The rising trend of grey divorce 

Recent statistics reveal a notable increase in divorce rates among older adults. The Office for National Statistics (ONS) reported a 46% rise in divorces among individuals aged 65 and over between 2004 and 2014. This trend is contrasted by an overall decline in divorce rates among younger age groups. For instance, marriages ending by the 25th anniversary rose from 23% for those married in 1963 to 41% for those married in 1996, highlighting the growing prevalence of long-term marriages ending in divorce. 

While the number of divorces has generally decreased by 28% from 2005 to 2015, older adults are experiencing a different trend. Specifically, the divorce rate for men over 65 increased by 23%, and for women in the same age group, it increased by 38%.  This rising trend among older adults points to a broader societal shift, with increasing life expectancy and evolving expectations of personal fulfilment playing crucial roles. 

Unique challenges and considerations 

Divorce later in life can present significant financial issues, due to the proximity to retirement and the complexity of accumulated assets. For those over 50, securing a fair settlement is crucial as there is limited time to recover financially before retirement and post-retirement, there is often little growth in the value of the matrimonial assets. Comprehensive legal and financial advice is essential to navigate these complexities effectively. 

Factors contributing to grey divorce 

Various factors contribute to the rise in grey divorces, including: 

Empty Nest Syndrome:

Couples may realise they have little in common after their children leave home. 

Financial Disputes:

Disagreements over retirement plans and financial management can strain relationships. 

Infidelity and Health Issues:

Both can significantly impact marital stability. 

Changing Expectations:

Today’s older adults, particularly women, are more likely to seek fulfilment outside of unsatisfactory marriages. Increased life expectancy and reduced stigma around divorce also play a role. 

Financial impacts on women 

Research underscores that grey divorce poses higher financial risks for women compared to men. A study by I-Fen Lin and Susan L. Brown published in The Journals of Gerontology highlights that economic effects are significantly more severe for women. Middle-aged women often face substantial financial setbacks due to historical social norms that positioned men as the primary breadwinners. Consequently, these women may have less savings and retirement funds, having relied on their spouses’ incomes. Post-divorce, women’s standard of living can drop by as much as 45%, compared to a 21% decline for men. 

Sociology professors Laura Tach and Alicia Eads found that middle-aged men might even experience an income boost after divorce, while women endure chronic economic strain. This disparity emphasises the importance of women taking an active role in household financial management and preparing for potential financial independence. 

Ensuring fair settlements 

Achieving fairness in financial settlements is critical. Trust issues between spouses can lead to disputes over asset disclosure, as demonstrated by cases where significant assets, such as overseas holdings, were concealed. 

The role of legal and financial advice 

Due to the complexity of dividing pensions and other assets, legal and financial advice is crucial. I have seen firsthand the importance of such advice. For instance, I once worked with a client who discovered, mid-proceedings, that her husband had hidden a substantial portion of his assets. Through diligent legal work and financial forensics, we were able to secure a fair division of assets, ensuring her financial stability. 

In another case, a client faced the challenge of dividing multiple properties and investment accounts accumulated over decades. The process was complex, but with careful planning and expert advice, we achieved an equitable settlement that allowed both parties to maintain a good standard of living. 

The division of assets can be incredibly complex, especially with long-term marriages. So, robust legal and financial planning can make a substantial difference in ensuring both parties achieve a fair and secure financial future. 

Conclusion 

Grey divorce involves navigating significant emotional and financial complexities. Early and thorough involvement of legal and financial advisors is essential to secure fair outcomes. At Setfords, we are dedicated to providing personalised advice to help our clients through these challenging times and ensure equitable settlements. 

For expert advice on grey divorce and other family law matters, reach out to me, Alastair Sinclair. With extensive experience and a client-focused approach, I ensure a holistic and fair resolution to your family law matters.