How 'silver-splitters' can avoid the pitfalls of a later life divorce, including your ex dying before it's final

Couples who split up late in life face the unusual but serious heightened risk that one spouse will die before the divorce is final, say legal experts.There is a growing number of so-called 'silver splitters' which can have implications for financial claims, pensions and inheritance, they warn.But the death of one partner during the divorce process might benefit or disadvantage the survivor depending on the circumstances - they might be prevented from pursuing claims, yet spouses retain significant legal rights.The issue of what happens if one spouse dies before the divorce and financial settlement have been finalised is easily overlooked, according to Zoe Porter, a partner at RWK Goodman.She says: 'Unfortunately, this is a scenario that I have seen occur on more than one occasion - don't assume that because you have agreed something between yourselves, your financial position is protected.'Porter also warns that divorcing in your 50s and 60s is very different from doing so earlier in life.She says: 'There is less time to rebuild financially, so decisions made during the divorce can have greater consequences for the rest of your life.' Zoe Porter: You need to think about what your finances and family circumstances could look like in five, ten or 20 years' timeHow to protect your finances in a divorceThe consequences of a death before a divorce is finalised depend on how assets are owned and whether there is a valid will, says Judit Kerese, a senior associate at Stowe Family Law.Kerese says matters that can arise include:- Assets such as savings and investments will pass according to the deceased's will, or if there is no will under the rules of intestacy;- If the family home is owned as joint tenants the deceased's share will usually pass automatically to the surviving joint owner;- A spouse's entitlement to a share in a private pension may be lost if the holder dies before a pension sharing order takes effect;- Pension death benefits are usually paid at the trustees' discretion so the surviving spouse may receive little or no benefit;- The surviving spouse will lose the ability to pursue a financial remedy claim in the divorce proceedings;- Claims against the deceased's estate can be made if inadequate financial provision has been made but these are often more complex, less predictable, and subject to a different legal framework than financial remedy proceedings.But Kerese adds: 'It is often better, if divorce proceedings haven’t been started, to remain a spouse and a widow or widower, rather than becoming an ex-spouse. 'This is because spouses have far more entitlements under the law, especially in cases where there is no will in place.'She explains there are ways to protect yourself against the possibility of a spouse dying during a divorce.'We advise clients that, following separation, or in considering separation, they should review their estate planning as a priority.'This includes making or updating their will, considering whether to sever the joint tenancy of any jointly owned property, and reviewing any death-in-service benefits or nominated beneficiaries on pensions and life insurance policies.'Susie Barter, partner at Burgess Mee, also advises reviewing your will when going through a divorce to ensure your estate passes to your chosen beneficiaries - which will rarely include the soon-to-be ex-spouse.'The fact that you are contemplating divorce or have started proceedings does not impact the operation of a will. It may seem macabre to have that conversation, but unexpected deaths do occur.'Barter explains: 'I had a client whose husband died in a light aircraft crash shortly before their divorce was finalised and she ended up receiving everything under the terms of his will.'In this case, their adult child had a great relationship with her and so was looked after financially but that may not always be the case.'Barter says stepchildren and estranged children could challenge the will if they felt that post-divorce provision would have favoured them.Judit Kerese, left, and Susie Barter, right, explain how to protect your finances if you get divorced in later lifeTips on getting a divorce in later lifeZoe Porter of RWK Goodman, says older people should consider the following issues if they get a divorce.Your home and other assets: One common pitfall is becoming too focused on keeping the family home without considering whether you will realistically be able to afford to run it on one income, particularly once you retire if you have a reduced pension income from a pension share.People also need to look at the whole financial picture, including savings, pensions, investments and any ongoing maintenance, rather than negotiating each asset in isolation.Your wider family: Later-life divorce also often involves more complicated family structures.If either person has children from a previous relationship, it is particularly important to review wills and estate planning so that what happens on death reflects what they actually intend.Financial settlements: Where possible, get the financial settlement formally documented and approved by the court rather than allowing matters to drift.New partners: If you have a new partner and are intending to move in with them, you should seek specialist advice because this could impact your financial settlement.Your future: The key message for anyone divorcing later in life is not to look only at what you need today.You need to think about what your finances and family circumstances could look like in five, ten or 20 years' time.Help with financial advice and planning Financial planning can help you grow your wealth, sort your pension, or make sure your finances are as tax efficient as possible.Key reasons that many seek financial planning involve investing for retirement and inheritance tax planning.Services such as Unbiased can match you with a financial professional according to your needs:> Find a local financial adviser* Products featured are independently selected by This is Money's specialist journalists. 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