The ‘little ones’ have finally flown the nest, the mortgage is predominantly paid off and retirement is so close you can almost smell the slightly stale sandwiches at your office leaving party. Now, what exciting chapter lies ahead for you and your partner? Blissful beach holidays? Endless exploration of the Great British Isles? Divorce?
Chances are, divorce wouldn’t be exactly how many of us planned the Autumn of our years. Increasingly, however, more and more of the baby boomers are getting divorced. Known as ‘Silver Splitters’, those over 65 are the group most likely to divorce (https://bit.ly/2tLcVLy) – a trend which bucks the decreasing rates across all other demographics.
But what’s behind this trend? Decreasing stigma, longer life expectancy and changing gender roles may all be contributing to the increasing figures.
What does this mean for women? Despite divorce being more common than ever, it still has a predisposition to being shrouded in a sense of shame – especially amongst older generations. Whilst little concern should be paid to the opinions of others – as they say, ‘Those who matter don’t mind, and those who mind don’t matter’ – it is vital that women do not allow divorce to pass them by without securing their rightful financial shares.
As a recent report for the Chartered Institute for Insurance highlighted (https://bit.ly/2NEkJI2), divorce is a key catalyst in leaving women financially vulnerable in older age. A lifetime of being left out of key financial and investment decisions, a career put on hold for raising children and subsequent reduced pensions and savings all compound to leave women in a precarious position.
As we’ve discussed before (https://bit.ly/2EwcYjr), it’s essential that women secure both liquid and fixed assets during a divorce. Whilst a house may provide a much needed dwelling, it should not be at the expense or trade off for accessible assets such as cash, additional incomes (such as those from rentals etc.) or savings.
At Magenta, we’ve first hand experience of divorce. We know how emotionally and physically draining it can be. That’s why we help our clients by offering a holistic service that really gets to know you as a person. We’ll help you through your divorce using our financial and personal knowledge- ensuring you make it through the other side financially secure and emotionally resilient. And you will make it through – trust us 🙂
If you want to discuss your options further, get in touch for an informal chat with our friendly and experienced team.