The divorce rate for older couples is on the increase. South African divorce data is limited but in the US divorce rates for couples over 65 tripled from 1990 to 2021. A quarter of US divorces in 2019 were granted to those over 65.

Reasons for divorce in later life

While infidelity, emotional abuse, and other causes of divorce affect all age groups, long-standing marriages are subject to factors that don’t feature in earlier divorces, such as empty nest syndrome, relationship stagnation, changing values, and the impact of retirement, which can affect each spouse differently and lead to conflict.

Financial impact of divorce in later life

Most people suffer financially after divorce in later life. A lifetime’s savings have been accumulated, and these are now halved, but the cost of maintaining two separate households is considerably more than keeping a shared one. Evidence shows that women suffer more than men.

Data from the US shows that women who divorce after 50 see a 45% drop in their standard of living, on average, compared to a 21% decrease for men of the same age. Women often want to remain in the matrimonial home, even if downsizing would be more practical. Women often feel emotionally attached to a family home and are reluctant to undergo the emotional and physical upheaval of change. Since the house is often the highest-value asset, in order to “buy out” the husband’s share, the wife has to sacrifice something else. This may be reduced maintenance or a smaller share of a pension. Yet maintaining that home can be costly, effectively creating a double financial penalty.

You CAN make it work

Don’t despair. It can be demoralising to stay in a marriage that has reached its end purely for financial reasons. There are ways to make divorce in later life work. It means recalibrating certain expectations and reframing lifestyle choices. It may mean delaying retirement in order to earn more money and allow retirement savings to continue to grow. If you are already retired you may consider taking on part-time work to supplement pension income.

Selling the family home may be difficult, especially for any grown children, but is often the best option for both spouses. As the bond is usually paid off at this stage, you will both have cash with which to buy a new, smaller property. Downsizing is an inevitable consequence of divorce. A smaller property is cheaper and easier to maintain and can represent a fresh start in life.

Pension interest

Recent changes in South African pension law, such as the two-pot system, have created uncertainty about how pension interest will be calculated on divorce. Pension interest is typically calculated as at the date of divorce, but the practical implications of these changes are still evolving. This will have a greater impact on older couples whose retirement savings are more substantial than a younger couple’s. If you are already retired, pension interest is not relevant.

Seek legal advice

If you are considering divorce in later life and would like to explore your options, we can help. At Simon Dippenaar & Associates Inc. we are specialist divorce attorneys and family lawyers. Call Simon on 086 099 5146 or email sdippenaar@sdlaw.co.za.

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