Michelmores Michelmores
Michelmores Michelmores
  • Home
  • Expertise
  • People
  • Insights & Events
  • Careers
  • About
  • ESG
  • Contact
Share
Published June 22nd 2016
Home > News & Insights > Article

Let’s change everything

Author
Pippa Allsop
Pippa Allsop

We wrote recently about the increase in the number of people of mature years who are divorcing: let’s call them the “silver splitters”. There are many consequences of such changes, some of which may not be contemplated in advance by those seeking a change in their lives.

Nationwide Mortgages has recently published results of some wide ranging research, which are revealing.

The headlines show:-

  • 66% of those splitting up reported being worse off financially
  • In 25% of cases the family home had been sold
  • 33% said that the change had given them a new lease of life, including travel, career change and a new relationship

Who is involved?

  • The latest annual figures (from 2014) show that there were 130,743 divorces
  • Of those, 60,400 were over the age of 50
  • 52% of the over fifties divorcing had been married for more than 20 years

What were the main reasons for the divorce?

  • 34% of those divorcing gave the main reason as a relationship with a new partner
  • 25% said that they had “grown apart”
  • 15% said that it was their partner’s decision to separate

What were the financial consequences

  • As indicated above, in 25% of cases the family home had been sold
  • Where the family home was sold, the majority moved into smaller accommodation
  • Nearly 10% of those separating moved into rented accommodation
  • In 42% of cases the value of the house was split equally (even where the house did not have to be sold but an adjustment was made from other assets)
  • In 25% of cases there was a split of other assets (in a surprising 75% of cases, one partner taking or receiving nothing)

What were the financial consequences of the divorce?

  • 58% of those who surveyed reported that the separation had left them worse off
  • Of those 58%, half found that they were struggling financially after the divorce (31% of them being women and 23% men)
  • 15% were better off (18% of those being men and 13% women)

What effects did the separation have on the family?

  • Almost half found that little changed and they had continuing relationships with, for example, children and grandchildren
  • However, 36% of men and 12% of women saw less of their children after divorce
  • A surprising one in seven divorcers saw their children and grandchildren more after divorce
  • An unsurprising 51% of men lost contact with their former partner’s family and 30% did not see joint friends.

Is there any good news?

Yes!

  • 52% of man and 28% of women met a new partner after the divorce
  • 36% of those over 50 who divorced said that they had been given a “new lease of life” by the change
  • 35% (many more women than men) said that they had started to travel with a friend
  • After a divorce, it is women who are far more likely to travel, get a job or enrol on a course, which they would not have done previously
  • And 55% of respondents said they were “happier” after the divorce

Conclusions

It should be remembered that these figures are merely a snapshot, and it is impossible to identify the socio-economic groupings of those who were questioned.

However, it does appear that women fare less well economically after a divorce in later life but are more amenable to change and adaptation.

In the end, of course, those seeking a separation at this later stage of life must decide whether any perceived short-term gains will last in the longer term.

For more information or some preliminary, confidential advice, please contact Pippa Allsop from our Family Team by telephone +44 (0)1392 687747 or email pippa.allsop@michelmores.com.

Share
Author
Pippa Allsop
Pippa Allsop

Contact us

+44 (0) 333 004 3456

enquiries@michelmores.com

Subscribe to updates

  • Quick Links
    • Online Payments
    • People
    • About
    • Careers
    • Staff Login
  • Legal & Regulatory
    • View all policies
    • Privacy Policy
    • Website Terms
    • Cookie Policy
    • Modern Slavery Act

Locations:

  • london
  • cheltenham
  • bristol
  • exeter

© Michelmores LLP is a Limited Liability Partnership, authorised and regulated by the Solicitors Regulation Authority (SRA authorisation number 463401) and registered in England and Wales under Partnership No. OC326242.
The registered office is Woodwater House, Pynes Hill, Exeter, EX2 5WR. A list of the members (all of whom are solicitors or barristers) is available for inspection at the registered office and at michelmores.com

  • © 2025 Michelmores LLP. All rights reserved
  • Website maintained by Appeal Digital