Over 60 and facing separation?

You’re not alone. Later life divorce is definitely on the increase – figures from the International Longevity Centre, a respected research organisation, show that between 1990 and 2012 the number of men and women over the age of 60 going through a divorce shot up by 85 per cent.

There are many reasons for this surge, it certainly isn’t always about one party starting a new relationship.

The transition from work to retirement can be a difficult one for any relationship. From the female perspective, if your husband is out at work all day, a difficult situation can be bearable – particularly if you can’t envisage how you would survive financially if you were on your own.

However, retirement can mean being in the home together much more and can trigger difficult emotions. Sadly, an increasing number of couples do question whether they wish to spend the next two or three decades together

Separation is usually more straightforward financially too – although it may not seem to be the case when you are inside a dysfunctional relationship, particularly if you have not been the one dealing with money matters.

At a later age, the mortgage is typically paid off, the children have probably left home, inheritances are more likely to be received soon and the amounts held in pensions and savings are normally bigger. What’s more, if the home is a large one, there is potential for a couple to downsize to two smaller – but perfectly acceptable – properties of their own.

Financial necessity can often be the glue that holds a failing relationship together – the spare cash that often becomes available in later life can be so very helpful.

If you think you are headed for a later life separation it’s time to talk to a financial planner. You may not think you will be able to manage on your own financially, but a financial planner will be able to tell you what you will need to deliver the lifestyle that you want, and whether the assets in the relationship are sufficient to deliver enough wealth to both parties to enable them to achieve that.

Later life separation is never easy, but with careful planning and the right advice, you can and will be able to rebuild a new life on your own terms.

If you would like to talk to me about your finances on divorce, please email [email protected]