A canonical pulsar can be described as a ball of mass $M \approx 1,44 \, M_{\odot}$ and radius $R \approx 10 \, \mathrm{km}$, rotating with a period of about $P \approx 5 \, \mathrm{ms}$. It also have a typical magnetic field of around $B_{\text{pole}} \sim 10^{6} \, \mathrm{tesla} = 10^{10} \, \mathrm{gauss}$ (roughly). The field can be approximated as a dipolar magnetic field. Because of the emission of dipolar electromagnetic radiation, the pulsar loses some energy, thus reducing its angular velocity $\omega \equiv 2 \pi / P$ (and maybe its polar magnetic field) : \begin{equation}\tag{1} \frac{dE_{\text{rad}}}{dt} = -\, \frac{\mu_0 \, \mu^2 \, \omega^4}{6 \pi c^3} \, \sin^2 {\alpha}, \end{equation} where $\mu$ is the magnetic moment of the star, and $\alpha$ is the tilt angle relative to the rotation axis. The magnetic filed at the poles has this intensity : \begin{equation}\tag{2} B_{\text{pole}} = \frac{\mu_0 \, \mu}{2 \pi R^3}, \end{equation} where $R$ is the radius (assumed to be a constant) of the star. The rotation kinetic energy and the magnetic energy stored into the dipolar magnetic field (assuming that the internal field is uniform) can be added together : \begin{equation}\tag{3} K_{\text{rot}} + U_{\text{magn}} = \frac{1}{2} \, I \, \omega^2 + \frac{\mu_0 \, \mu^2}{4 \pi R^3}, \end{equation} where $I \approx \frac{2}{5} \, M R^2$ is the moment of inertia of the star.
The time derivative of (3) should be equal to the power lost (1) : \begin{equation}\tag{4} \frac{dE}{dt} = I \, \omega \, \dot{\omega} + \frac{\mu_0 \, \mu \, \dot{\mu}}{2 \pi R^3} = -\, \frac{\mu_0 \, \mu^2 \, \omega^4}{6 \pi c^3} \, \sin^2 {\alpha}. \end{equation}
Now the problem is the following. It is usually assumed that the star will slow down by the electromagnetic emission, so $\dot{\omega} \ne 0$. In all textbooks and lectures I have seen, the magnetic energy is not added in (3)-(4). But yet it is known that the magnetic field intensity may also be evolving (i.e decaying) with time. If I neglect the rotation frequency decreasing (i.e consider $\omega = \text{constant}$), I get this from (4) : \begin{equation}\tag{5} \dot{\mu} = -\, \Big( \frac{\omega^4 \, R^3}{3 c^3} \, \sin^2 {\alpha} \Big) \mu \equiv -\, \lambda \, \mu. \end{equation} This is a linear differential equation, of solution $\mu(t) = \mu(0) \, e^{- \lambda \, t}$. Thus, the polar magnetic field (2) is exponentially decaying with time. For our canonical pulsar, this gives an half-life of about $22.5 \, \mathrm{s}$ for the field decays, if $\alpha = 90^{\circ}$.
How can we justify that this decay mode is negligible relative to the rotation decay ? I.e how can we justify that $\dot{\mu} \approx 0$ while $\dot{\omega} \ne 0$ ?
EDIT 1 : If we assume $\dot{\mu} = 0$, equation (4) gives another differential equation for $\omega(t)$. It gives this solution, which is not exponential : \begin{equation}\tag{6} P(t) = P_0 \sqrt{1 + \kappa \, t}, \end{equation} where $\kappa$ is a complicated constant : \begin{equation}\tag{7} \kappa = \frac{4 \pi \mu_0 \, \mu^2 \sin^2 {\alpha}}{3 I c^3 \, P_0^2} = \frac{5 (2 \pi)^3}{3 \mu_0 \, c^3} \, \frac{B_{\text{pole}}^2 \, R^4}{M P_0^2} \sin^2 {\alpha}. \end{equation} According to (6), the constant $\tau = \kappa^{-1}$ is the caracteristic time of period evolution. For our canonical pulsar defined at the beginning, with $\alpha = 90^{\circ}$ and $B_{\text{pole}} \approx 10^6 \, \mathrm{tesla}$, (7) gives this time lenght : \begin{equation} \tau \approx 5.87 \times 10^{14} \, \mathrm{s} \sim \text{18.6 millions years}. \end{equation} This is the model usually considered for a breaking pulsar. But I think that the scenario (5) is also valid in its own right and should be considered as a possibility.