The challenges of separating after decades in a relationship need to be navigated carefully and, if possible, as amicably as the parties can manage. This lessens not only the impact on the couple themselves but also the wider family. Children and grandchildren will want to maintain a close relationship with both parties. Although you might have been resigned to separating for some time, the decision may take your family a while to come to terms with.
There are financial factors as well to consider. Silver Splitters are more likely to have taken a traditional path with the husband often being the primary breadwinner with income and pensions in his name whilst the wife may have little or none of these. Couples in decades-long relationships are far more likely to have very entwined financial arrangements which need careful unpicking and separating. Tax and inheritance implications can be complex, and a wrong step can be costly.
Therefore, it is essential to get impartial family law advice when considering divorce or separation, mainly regarding financial settlements and future financial arrangements for both parties.
How do couples split the finances fairly?
After a long marriage, assets usually all fall into the financial pot for division. This includes assets such as pensions held in one party’s sole name. It may be necessary to have assets professionally valued and for advice to be given to ensure both parties have financial resources available to them in their future separate lives, including pensions and income.
Does the length of a marriage affect a settlement?
Yes, it does. The Court take into account all relevant factors for a couple when they are separating, including the needs of the parties, their ability to earn their own income in the future as well as the length of the relationship. The Court will wish to see the financial assets that the parties have fairly divided between them for the future. There is flexibility as to how those assets are divided to achieve fairness; this is where expert and impartial family law advice can be invaluable.
Fixed Fee Appointments
It is always advisable to have an initial chat with a Family Solicitor; this ensures you know your legal position and rights before proceeding. It does not have to be costly to take advice. Steeles Law Family Solicitors offer an initial fixed fee meeting for £100.00 plus VAT for up to an hour so that you can chat through any legal issues and raise any questions you have. Please call the team on 01603 598000 or email email@example.com to book your appointment.
*The information provided in this article is designed to provide useful information on the subject, not to provide specific legal advice.