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Is there an Increasing Trend in Separation Post 50?

Is there an Increasing Trend in Separation Post 50?

The answer is yes. One in three divorces (or separations for de facto couples) involve parties who are over 50. The terms ’grey divorce’ and ‘silver splitter’ have been coined to describe these later in life separations.

There are a number of factors influencing couples to part ways in their later years. Adjustment to retirement, empty nest syndrome, couples growing apart, and financial pressures are some. A sense of the clock ticking is another.

Grey divorces can have both legal and emotional consequences, involving complexities such as significant shared assets, intricate retirement plans, superannuation, family financial dynamics, health issues, and extended family relationships.

Later in life independence, both financially and socially, can be a significant stressor on parties and lead to isolation and loneliness. Separation after decades of life together can lead to intense feelings of grief and loss. Grey divorce can affect family dynamics particularly if there are adult children of the relationship and the loss of social groups and networks.

Distributing assets accumulated over a long period can be difficult. Careful consideration should be given to property and superannuation. Debts are also relevant.

The first step in reaching a property settlement is to identify and value all the assets and liabilities and superannuation in which you and your former partner have an interest. The date of the value is a date close to the agreement or as at the date the Court determines the matter. It is not as at the date of separation. Property includes assets in a party’s sole name and that which is held jointly. The family home which is in one party’s sole name falls into the pool of property to be divided.

The future needs of the parties are considered in determining a just and equitable division of property. Many people over 60 have limited earning capacity. Health is a relevant factor too. Interestingly, it has been held by the Court that smoking by a party was a primary factor in the reduction in their life expectancy and, the party’s failure to quit was a relevant consideration when determining the future needs of the party.

Parties can split their superannuation entitlements by way of an order from the Court, whether an agreement is reached by the parties outside Court or a Judge makes a decision. This applies to both retail and self-managed superannuation funds. In deciding whether there should be a superannuation split, the Court will have regard to whether it considers it just and equitable. The Court will consider the parties’ circumstances and the superannuation and non-superannuation assets each party would receive as part of the settlement.

It is important when separating from a partner to review your personal situation, including beneficiary nominations on superannuation, wills and the implications of any prenuptial or postnuptial agreements in place.

There are a number of complicating factors involved in considering the financial effect of separation in later years. Seeking legal guidance is recommended to ensure the process is navigated sensitively and maximizes your ability to achieve your goals.

If you have any queries in relation to the above, contact Swan Family Lawyers on 8227 1970 and we will be happy to assist you.

Call us now on 8227 1970 and we will chat with you over the phone free of charge.

Family law, divorce, wills and estate specialist family lawyers for Adelaide and South Australia.

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Disclaimer: The information contained in this blog is for informational purposes only and is not legal advice. Nothing in this blog should be deemed to create or constitute a solicitor-client relationship between any readers and Swan Family Lawyers. A solicitor-client relationship is created only when this firm agrees to represent someone and a written engagement agreement or engagement letter is signed by both the client and solicitor. In all cases, the reader should consult his or her own solicitor for advice. The information in this blog is based on Australian law.