31% of married people aged 65 and over in the UK admit to hiding assets from their spouse, with more than one in 10 concealing assets worth £50,000 or more.
This is according to new research from Co-op Legal Services, which surveyed married seniors across the UK on their wealth and the financial concerns affecting their marriage.
A quarter of those surveyed had less than £10,000 in combined savings, and one in 10 owned property valued at £500,000 or more.
Looking at pension wealth, 60% of older married couples held between £10,000 and £49,900 in combined pensions, while 17% held between £50,000 and £99,000.
The level of financial secrecy among older married couples could reflect the extent to which finances, property, and fear of change may keep many people in relationships they no longer feel invested in.
A signifant portion (38%) of older married Brits said they remained married for practical reasons, including financial convenience and concerns over property.
In 58% of couples surveyed, household finances were managed by men. Of the retired couples surveyed, only 15% of men said they do the majority of household chores, compared with 49% of women.
More than in 10 of those surveyed said they had considered divorce, but many felt unable to take the next step. In addition to the many financial concerns cited by respondents, emotional concerns also play a role, including fear of loneliness and the effect on adult children.
Nearly a quarter of those surveyed (24%) believe that after 65 it is simply “too late” to divorce, and 74% said that they would not consider dating again after divorce.
“These findings suggest that a significant number of older couples are quietly unsatisfied in their marriages but feel financially or practically locked in,” said Co-op Legal Services family lawyer Ben Evans.
“If you believe your spouse is hiding information from you and direct discussions aren’t progressing, it’s important to take action.”
“Both parties have a legal duty to provide full and frank financial disclosure during the division of matrimonial assets. Failing to meet this obligation can have serious consequences in court,” Evans said.
“The court’s ultimate goal is fairness, but that principle is undermined when one party is not transparent. Even if one person believes a financial resource isn’t relevant or doesn’t belong to the other, it must still be disclosed, and the court will decide its significance.”
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