Couples divorcing later in life face hidden dangers
AS A growing number of couples get divorced in later life, legal experts are warning people to make sure their partner comes clean and reveals all of their wealth and assets.
There has been a sharp rise in the number of “silver splitters”, as official figures show the number of over-60s separating jumped 85 per cent between 1990 and 2012 to 15,700 a year.
This figure is expected to rise another 41 per cent to more than 22,000 over the next dozen years.
Yet many divorced partners are not getting all the money they are due, as one in four who divorced over the last decade admit to hiding wealth and assets from their partner. Of these, a quarter hid £10,000 or more.
The research, from Investec Wealth & Investment (UK), shows that financial settlements following divorce leave many people feeling shortchanged, with 36 per cent saying they were unhappy.
Men are twice as likely to conceal assets with a third keeping quiet about some of their wealth, compared to 15 per cent of women. They tend to have more wealth including pensions, which should form part of a fair settlement.
Investec’s senior chartered financial planner Faye Church said finances are inevitably a major bone of contention in divorce. “Hiding money in a divorce is illegal and in extreme cases can lead to a prison sentence. So it is worrying to find that so many people hide money from their ex-partners.”
This is a particular danger where one partner handles all of the finances, she added. “We see this all the time. This leaves the uninformed partner at a huge disadvantage if the couple split. Some are completely in the dark.”