Divorce for over 60s - is there anything in particular to consider?
Separation and divorce can be difficult at any age. The process itself is of course the same at whatever age the parties divorce. However, there may be additional or different points to consider if divorcing close to retirement age or older.
Examples of points that a divorcing party aged 60 or over may wish to give particular consideration to are as follows:
- Their mortgage capacity may be limited due to age;
- The family home may be mortgage free or close to the mortgage being paid off;
- Plans to retire may need to be reconsidered;
- Pensions will need to be given consideration. It might be likely that these are in payment or
- that there will not be many more years of them being contributed to;
- There may be income disparity between the parties and this may have been, in the past, to allow one party to accommodate greater care of the children.
For parties to consider how to approach the division of their assets they need to have a clear picture of exactly what the assets are and their values. The parties would be advised to enter into a process known as financial disclosure. This is a process by which they would exchange financial documents such as pension values, bank statements and income information. Once they are in receipt of disclosure and have a clear picture negotiations as to a settlement can begin.
George Green’s specialist Family Lawyers regularly advise clients in respect of the division of financial assets and are expert in advising on the basis of each client’s particular needs or circumstances.
If you wish to seek legal assistance please do not hesitate to contact Mark Vandaele, the Head of Family Law on 01902 796930. Our offices are based in Wolverhampton and Cradley Heath and we serve clients across the West Midlands and Black Country area including but not limited to Penkridge, Wolverhampton and Stourbridge.
We are currently offering remote appointments due to the COVID19 outbreak.