law society
As divorce rates amongst the over sixties continue to soar, the Law Society warns potential divorcees to take legal advice or risk not having enough funds to see out retirement.
As the so called ‘Saga divorces’ have increased dramatically over the last ten years, the Law Society stresses the importance of the financial implications of separation for those approaching retirement and to urge those seeking divorce to get professional legal advice before proceeding.
With falling property prices and reduced assets following the credit crunch, pension funds could be hit. Confounding the problem is that older people have fewer opportunities to build up capital again after a divorce.
Law Society President, Robert Heslett says:
“Divorce at any stage of life is undoubtedly a stressful experience, but for the over 60s, bigger estates, complicated pension funds and less working years to build up assets again will exacerbate this stress.A solicitor is the only professional who has the qualifications and foresight to work towards a fair settlement in complex divorce cases. It is especially important for those who have little experience of the financial side of their lives to seek reliable advice on getting what they need.”
The society also warns those considering divorce in later life to factor in the possibility of one or both parties needing specialist care or health treatment in the future and to make provision for this.
A total of 13,678 people over 60 were divorced in 2007, up from 12,636 the previous year and from 9,052 in 1997.
With all the concerns about pensions and divorce rates among pensioners, why not treat yourself to a relaxing cruise holiday now?
1 comment so far
1 David // Nov 19, 2009 at 4:48 am
It would be interesting to know why there is such an increase in the divorce rate amongst this age demographic. Could it be people are living and working longer, causing people in the late 50’s and 60s to be more active and willing to change their situation before they consider themselves “old” and it becomes too late?