Divorce after a long marriage: Yorkshire lawyer explains why the financial picture can be more complicated

Couples are staying married for longer than ever before, but when a long-term relationship does end, dividing the life built together can bring significant financial challenges

Couples are staying married for longer than ever before, but when a long-term relationship does end, dividing the life built together can bring significant financial challenges. Noelle Heath, Head of Family Law at Morrish Solicitors, explains why separating couples across Yorkshire should consider the complete financial picture before making decisions about their future.

Recent figures from the Office for National Statistics show that the average length of a marriage at divorce has reached 13 years, the longest since records began in 1963. The data also suggests that fewer couples are divorcing within the first decade of marriage than in previous generations.

“The end of any marriage can be difficult, but where a couple has spent many years building a life together, there will often be more financial issues to work through,” says Heath. “Property, pensions, savings, investments and future plans may all have become closely connected over time.”

Looking beyond the family home

The family home is often the first concern when a couple separates, particularly where children are involved or one person hopes to remain in the property.

However, after a long marriage, the home may be only one part of a much wider financial picture. Savings, investments, business interests and pension provision may all need to be considered before sensible decisions can be made.

“It is understandable that people initially focus on what will happen to the family home,” continues Heath. “However, looking at one asset in isolation may not provide a fair or accurate picture of the couple’s overall financial position.”

Recognising different contributions

Over the course of a marriage, couples may take on very different financial and family responsibilities.

One person may have concentrated on developing their career and pension provision, while the other reduced their working hours or stepped away from employment to care for children or support the household.

Those arrangements may have worked well during the marriage, but they can affect each person’s financial position when the relationship comes to an end.

Heath adds: “Financial contributions are not the only contributions that matter. Caring for children, managing the home or supporting a partner’s career can all shape the financial circumstances in which a couple finds themselves at the point of separation.”

The importance of pension provision

Pensions can represent a significant proportion of a couple’s overall wealth, particularly following a long marriage and where one or both people are approaching retirement.

Despite this, pensions can sometimes be overlooked because they do not feel as immediate or tangible as the family home or money held in a bank account.

“Pensions may be among the most valuable assets built up during a long marriage,” says Heath. “Decisions about them can have a substantial effect on both parties’ financial security in later life, so it is important that they are properly understood and considered.”

Planning for a different future

Separating after many years together can also mean revisiting plans that were based on a shared future.

Retirement, housing and long-term financial security may all need to be reconsidered. For many people, the question is not simply how assets should be divided, but whether each person will be able to meet their needs and move forward independently.

Although no-fault divorce has simplified the legal process of ending a marriage without attributing blame, resolving financial matters remains a separate issue.

Taking a complete view

Obtaining advice at an early stage can help separating couples understand which assets need to be considered and what further financial information may be required.

Taking a constructive and informed approach can also reduce misunderstandings and help couples concentrate on finding an outcome that is workable in the longer term.

Heath concludes: “The figures are a reminder that longer marriages can create greater financial complexity. Taking a holistic view, rather than concentrating solely on the most obvious assets, can help couples make informed decisions and work towards a fair and sustainable outcome.”

Morrish Solicitors’ dispute resolution services can be provided in-person, over the phone, by email or post. Contact info@morrishsolicitors.com or call 033 344 9600. Alternatively, you can make an appointment at one of their offices in Leeds, Bradford, Pudsey or Yeadon.