Nearly a third (31%) of married people aged 65 and over are hiding assets from their spouse, according to research from Co-op Legal Services.
Nearly one in six (14%) admit to concealing assets worth £50,000 or more.
The data suggests that while later life divorce is often contemplated, with 12% having considered divorce, many feel unable to take the next step.
Almost two-fifths (38%) say they remain married partly for practical reasons, with 16% admitting to staying married because it’s financially easier. Emotional concerns also play a role, with 13% of older couples staying together to avoid loneliness, while 14% say neither partner wants to leave the family home.
A sense of resignation is common too, the research found, with 24% believing that after 65 is “too late” to divorce and one in 10 feeling overwhelmed by the idea.
The research also highlighted a persistent imbalance in financial management within older marriages. Men manage household finances in 58% of couples, however this dynamic has left 10% of spouses feeling uneasy and 22% worry about coping financially if their partner dies. Additionally, 14% say they feel anxious because they don’t actually know how much money they have.
Ben Evans, family lawyer at Co-op Legal Services, said: “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.
“The findings from this survey are stark but not surprising. Many assume that everything is split equally, which likely fuels individuals taking the risk of concealing assets. In reality, the process is far more complex than a simple 50/50 division.”
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