Love is not in the heir – Online dating behind surge in over-65s remarrying
The number of ‘silver splitters’ tying the knot after getting divorced early in life is at its highest in a decade, with dating sites and dating apps said to play a major part.
Marriages among the over-65s have risen by the most in a decade, as “silver splitters” begin new chapters in their lives. The average age of women who tied the knot in England and Wales rose to 35.8 for women and 38.1 for men in 2018, up from 33.8 and 36.5 respectively in 2008, according to the latest data from the Office of National Statistics (ONS).
This was partly due to the surge in so-called “silver splitters”, those who divorce then remarry in later life, statisticians claimed. The number of brides and grooms aged 65 and over had increased more than any other age bracket in the past decade, the ONS report found. Between 2004 and 2014, there was a rise of 46 per cent, from 7,468 to 10,937, these numbers have been steadily rising from 2009 onwards.
Access to dating websites and financial independence are among the reasons suggested for this surge in later life marriage, but.. be aware, remarriage also brings a change of status – legal, inheritance & tax which can have far reaching effects for families if not looked at in more detail. We look at two areas:
Inheritance Tax
In later years there can bea culmination of wealth through a life’s work or through assets passing from a deceased spouse or from a divorce settlement. For partners living together wanting to leave their assets to each other or allowing them the use of them, this can cause large Inheritance tax bills on first death while adding to the remaining partners Inheritance tax liability on second death. One solution to minimise this taxation on first and second death is to get married.
There is no tax to pay when passing monies between spouses, remarrying will also allow the remaining spouse use of any unused inheritance tax allowances from the first death along with their own on second death – effectively doubling up on the current Inheritance tax allowances (up to £1 million).
This can make a big difference as the current Inheritance tax allowances have not changed much over the last ten years where as property values have nearly doubled, so with marriage an effective tax tool it’s understandable why marriage rates are so high with “silver splitters”, but as with everything in life there can be great unseen consequences from remarrying.
Sideways Disinheritance
Many people are unaware that marriage revokes any Will written previously, unless you had prepared for marriage with a specific clause within your Will, once married any previous Will is cancelled. The reason why this is a problem is that, with most later life marriages there are children from previous relationships who expect to inherit from their last parents’ estate should they pass, however, because mum or dad have now remarried, they have no valid Will meaning the bulk if not all of the family monies can pass outside the estate and for the benefit of someone else’s family. This is so common that it’s been given a name. it’s called ‘Sideways Disinheritance’.
Love and trust are wonderful within a relationship but the law does not recognise it, unfortunately money can bring out the worst in people and it causes many problems, arguments and family disputes. Unfortunately, a lot of these cases end up in court with Wills being challenged incurring huge legal fees for everyone involved which is most probably the opposite of what the parents wanted.
Planning
The simple solution is this – regular reviews of your Will and the correct appropriate planning advice prevents most remarriage and inheritance tax issues. Simple use of trust planning within Wills and talking openly with family about these subjects saves your children not only unnecessary inheritance tax but also being disinherited, more importantly it can also save your relationship or legacy with them.