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DIVORCE rates have hit the lowest point in 44 years, down 40% from their peak in 1993, according to the latest stats from the Office for National Statistics.

However, rates amongst older people are actually higher than they were in 1993.

Sarah Coles, personal finance analyst at investment firm Hargreaves Lansdown, says: “You might have thought that once you’ve lived with your spouse for a few decades, you’ll have learned to put up with their most irritating habits. But apparently not.

“While divorce rates have been falling among some groups in recent years, they’ve been on the rise among the over-55s.”

When you are older, you have far more to lose financially when a relationship breaks up. You build up more savings, pensions and belongings, and after the split you have far less time to put things right.

Here, Sarah highlights the 10 most common divorce mistakes that couples need to avoid to ensure neither ends up struggling.

Letting emotion get the better of you

Nobody is entirely calm during a divorce, but letting emotion get the better of you is expensive.

The more you can sensibly agree with your ex, the less you’ll need to pay a lawyer to sort it out (at over £200 an hour). If you’re struggling, consider mediation, which can be much cheaper than going to court.

Trying to go it alone entirely

It’s great to do what you can without help, but it pays to know when to call in a professional.

A lawyer will know the legal position, your rights and your options, and will protect you from mistakes that will prove far more expensive further down the line. They’ll help you stand your ground if your ex pushes their luck.

Using the wrong professional

If you need professional help, get the right one. Don’t try to use your lawyer as an expensive counsellor or an amateur financial adviser – go to an expert in the area you need help.

Focusing too much on the family home

So much emotion is tied up in a family home it’s no surprise some people are desperate to keep it.

However, before setting this goal, you need to think carefully about what else you have to offset in order to get the house. You also need a plan for how you can stay on top of the mortgage and the regular bills after the split.

Trading away the pension

It’s relatively common to agree that one member of the couple can keep the pension, while the other keeps something else – such as the home. However, if you are approaching retirement, this could be a huge mistake.

A pension pot can often be one of the biggest assets, much more valuable than the family home.

You have alternatives – you can split the pension pot into two pensions, or get an attachment order so you both get a share of the pension income when it pays out. Take the time to understand your options.

Failing to take account of all debt

You are both equally liable for all joint debts, so if an ex-partner fails to pay, you’ll have to cover it all.

When you split, therefore, make sure all joint accounts, credit cards and loans are frozen, and that they are all considered as part of the divorce settlement.

Getting into extra debt

It’s not uncommon. A divorce is a horribly expensive time when you’re paying lawyers and trying to set up two homes on incomes that used to cover one. However, it can make getting back on track incredibly difficult, so draw up an emergency budget, and cut your expenses to the bone during these first difficult months.

Forgetting protection

If you’re paying child maintenance, you may need life insurance to cover payments in the event of your death.

Likewise, if you’re receiving spousal maintenance, you may want insurance to cover your former partner’s life.

You may need to change your nomination of beneficiaries for your pensions and work based death in service benefit too.

Don’t ignore the value of a pension – it can be one of your biggest assets, more valuable even than the family home

Failing to make a will

After divorce, your will is invalid, so make a new one as quickly as possible to ensure your estate will be divided according to your wishes.

Thinking that divorce is the end of your financial considerations

When it’s all done and dusted, you’ll need to rebuild. This should ideally start with accruing a savings pot to cover emergencies. You’ll also need to revisit longer-term savings, investments and pensions, review the damage done, and how you can get back on track.