Male MenoPorsche Leaves Older Divorcees Out of Pocket
Being traded in for a younger model is the plight of many middle aged divorced women, who say they have been left for a younger woman. To add insult to injury, it is now revealed that many pensions, a key factor in many divorce settlements, have been incorrectly valued, leaving thousands of divorced women out of pocket.
Despite the realms of studies and philosophical hypothesis on why this happens, whether it’s for sex, narcissism or just because they can, this ‘peter pan’ trend is increasing amongst couples in their 50’s and 60’s, especially where the man has significant financial security.
There are more wealthy people in the UK over the age of 50 than ever before, and their corresponding divorce rates are rising at alarming levels. This financial security, along with key life changes and longer life expectation are being held widely responsible for the rise in divorces in this age group. Although overall divorce rates are declining to a level last seen in the 1970’s, divorce rates in older couples are bucking the trend and rising at an alarming rate, to their highest levels.
This phenomenon, known as ‘SAGA divorce’ or ‘grey divorce’, saw just over 54,000 over-50s divorced last year in England and Wales2 and in the over 60’s age group, the figures rose from 11,500 people in 2009, up to 14,600 in 2010, the most recent year for which figures are available. 3
Yet many divorce solicitors are undervaluing the pensions by getting them valued incorrectly - sometimes by as much as £1 million, according to Divorce LifeLine’s records. As a result, thousands of grey divorcees are being deprived of tens of thousands of pounds which are rightfully theirs.
Founding partner of Divorce LifeLine, Tony Derbyshire explains: “We estimate that in as many as half of all divorce settlements in the UK since December 2000, the divorce pensions have been wrongly calculated. Often a valuation is given by the pension provider that is simply the cash equivalent transfer value, instead of the more accurate valuation from an actuary, which is usually much more. This difference in value can be very substantial and can have a major impact upon the overall divorce settlement that is achieved
Divorce LifeLine is working with divorced women throughout the country to find out whether or not the pension in their divorce settlements was undervalued. Where the pension was undervalued, the company pursues a case on the divorcee’s behalf, against their former solicitors, without involving any contact with the former spouse at all.
Tony continues: “Hundreds of thousands of divorcees in the UK have probably received an incorrect pension valuation when their divorce settlement was made. Subsequently, we claim thousands of pounds for our clients, even after the divorce has been settled.
Divorce LifeLine can be contacted with an initial enquiry, free of charge. Where claims cannot be pursued, or if Divorce LifeLine does not recover anything, there is no fee to pay for any of the investigative work carried out by Divorce LifeLine and its team of professionals.
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For help and advice: please call Divorce LifeLine on: 01932 240048 or go to: www.divorcelifeline.co.uk
Press contact: Julia Arnold, Elite Communications: 01403 711 639 or
julia.arnold@elite-communications.co.uk
Sources:
1Angus Hanton, co-founder of the Intergenerational Foundation: http://www.bbc.co.uk/news/business-20451186
2Judith Ball, Family Law Specialist: http://www.laterlife.com/features/laterlife-divorce-over-50.htm
3The Telegraph: http://www.telegraph.co.uk/women/sex/divorce/9705967/Silver-separation-the-surge-in-older-divorce.html
Editors’ Notes:
Since a major change in the law in December 2000, pension sharing has become allowed. This means a pension provider can be told that a percentage of the pension of their member can be allocated to the members’ former spouse.
Specialist divorce and pension settlement consultancy, Divorce LifeLine, has revealed that around 750,000 affected divorcees in the UK are set to claim for tens of thousands of pounds in lost financial entitlements from their former solicitors.
Divorce LifeLine estimates that up to half of the 1.5 million divorces that have taken place in the UK since divorce laws were changed in 2000 may have not had their divorce settlement pension correctly valued by a financial expert. Many divorcees therefore may have lost tens of thousands of pounds as their matrimonial pensions were undervalued and these sums can now be reclaimed.
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Press Contact:
Julia Arnold
Elite Communications
44 (0)20 7097 872