On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in Family Law on Friday, June 1, 2018.
Grey divorce, or getting divorced later in life, has become an increasingly common part of the Canadian ageing process. While divorce at any stage is a stressful process, older couples often face issues that their younger counterparts may avoid altogether.
Divorce And Retirement
According to a Canadian Lawyer article, societal changes may be a contributing factor to the uptick in grey divorces. Growing old no longer means becoming complacent or disengaged as evidenced by septuagenarians still actively, and willingly, participating in the workforce. With people enjoying longer, healthier, and more productive lives, the thought of staying in an unhappy or unfulfilling marriage becomes overwhelming.
The challenges that comes with grey divorce are often associated with impending retirement. Pensions and retirement savings risk becoming sources of contention, especially when one partner served as the primary earner throughout the course of the marriage. If the time comes to part ways, the spouse who earned less, or nothing at all, may feel as if though they are being left to fend for themselves.
The Importance Of Financial Preparation
One way to avoid unnecessary complications in the event of divorce is to plan ahead. Enlisting the help a financial advisor can not only help with unforeseen complications but unexpected ones too. Given that retirement often means living on a fixed income, having professional guidance to manage resources helps ensure that both parties go into retirement as well-prepared as possible.
While skilled financial support is essential, going through a divorce later in life also necessitates having the guidance of an experienced lawyer. From updating estate plans to ensuring that co-habitation or separation agreements are in place, the best strategy is the one that leaves nothing to chance.
When it comes to managing legal matters and financial issues, there is often a significant degree of overlap. Having the support of a comprehensive team can help couples navigate the complicated matter of grey divorce and move on to enjoy their lives.
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