What Are Grey Divorces: Explained By An Expert

According to the BBC, roughly 36% of people getting divorced are aged 50 and older, compared to only 8.7% in 1990, in a phenomenon that is known as “grey divorce”.

Studies suggest this is happening because we’re generally living for longer than we used to, and older couples may be less inclined to put up with unfulfilling marriages than they were before.

Kathryn McTaggart, a family law solicitor and director at Wooley & Co adds: “Divorce is no longer as socially stigmatised as it was once, especially among older generations who may have previously stayed married for societal or familial reasons.

“Changing social attitudes also includes the acceptance of new later in life relationships so people feel they have other chances and opportunities to find love with someone more compatible. ”

McTaggart also advises that these “grey divorces” can be a little more complex for older couples when it comes to finances and housing needs…

McTaggart says: “Unlike younger divorcees who may still be accruing assets, older individuals are closer to or already in retirement.

“Pension sharing orders or lump-sum settlements become crucial to ensure financial stability post-divorce.”

McTaggart urges that for older couples, there may be greater potential for ongoing maintenance, particularly if one spouse has been financially dependent on the other for decades, and has limited earning potential.

After so many years together, older divorcees are likely to have more valuable property assets, but also greater concern about housing security, particularly if one party is less financially independent.

Wills, trusts, and powers of attorney may need to be updated post-divorce to reflect any new beneficiaries and exclude an ex-spouse.

McTaggart advises that a “successful” later-life divorce should focus on financial security, emotional wellbeing and long-term planning.

Key considerations include:

• Seeking specialist financial advice: This will ensure a fair division of assets, particularly pensions, which are often the most valuable asset in later-life divorces.
• Planning for housing stability: Consider whether staying in the family home is financially viable, or if downsizing is a better option to coincide with the end of a marriage.
• Updating legal documents: Review and update any existing wills, power of attorney, and beneficiaries for pensions and life insurance policies.
• Consider mediation & amicable resolution: Mediation can help reduce conflict and legal costs, which is particularly beneficial for older couples who may want to preserve family relationships.
• Think about long-term care needs: If one party has health concerns, care costs should be factored into the settlement discussions

McTaggart adds: “Mediation and amicable dispute resolution is advised for those divorcing later in life, and it should also be factored in that a ‘grey divorce’ can have huge impacts on the wider family. Staying practical with family arrangements, as well as cooperating on future financial provision for adult children can make the process easier for all parties involved.”