Lack of advice on divorce
It is a sad truth that almost half of all marriages today end in divorce. A significant proportion of these involve older couples, with around one in three divorces now occurring among the over-50s.
Those in this age group typically have more valuable assets, likely to be property, savings or pensions, when compared to younger divorcees. This can add complexity when it comes to reaching a financial settlement, but despite this, only 8% of couples in this age group seek financial advice when separating.
While most couples obtain legal advice on divorce, this does not necessarily cover specialist areas such as valuing pensions — a factor that may explain why 29% of people over 50 waive all rights to a spouse’s pension in a divorce. At this stage, there is less time to rebuild wealth before retirement, making it critical to seek expert financial guidance before starting a new life alone.
