Divorce for those over the age of 55 is on the rise. Often referred to as “silver separators”, later life divorce can present many financial challenges.
Running two homes can potentially be more costly than running one large house. With two properties there is also two sets of everything to pay for, including household bills, maintaining the home and the general cost of day to day life?
Spotlight on financial shortfalls.
At divorce, you have to assess your financial position. This can often highlight shortfalls in your retirement plans. Often a pension is usually one of the largest assets in a divorce settlement. For those approaching retirement with a defined benefit pension. Sometimes referred to as a final salary pension, the benefits can be significant. A pension may have been sufficient to run one home but when split to cover two properties you may find that you have a financial shortfall.
You want to fight, to stay in the family home with all its happier associations, only now to find that this has left you with a physical asset, the property, but potentially insufficient income to meet your day to day living expenses.
How Anstee & Co can help you with later life divorce.
First of all, going through a divorce is never easy, especially a later life divorce. A later life divorce is an area where sound financial advice early on can make a real difference. Ideally, we would like to be involved as early as possible in the divorce process, so that we can help you gain clarity on the potential impact of any proposals and help you make informed decisions.
We are a firm of Independent Financial Advisers. This means that we offer unbiased advice and look for solutions from the whole of the market. This is unlike some financial adviser that will only offer their own products or work from a limited panel. Our experience covers all aspects of financial planning including pensions, estate planning and investments.
If you would like to find out how we can help you why not arrange a meeting. The initial “getting to know you” meeting is at our expense and without obligation. Meetings can be arraged at a time and location that is convenient for you. We are presently making use of video meeting such as –
- Microsoft Teams
We can also arrange telephone conferencing meetings. Whatever is best for you. There is no need to visit an office as all work can be handled remotely.
If you have any though or comments about this article, “Challenges for later life divorce”, then please let us know. We would welcome your thoughts.