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Family law: Divorce may affect Alberta couples'retirement plans

There is no area that divorce doesn't touch in couples' lives. Family law in Alberta has rules regarding many facets of divorce, including the financial aspects. Although some couples may have been struggling for a while when they decide to separate or divorce, some may not have given thought to how divorce might affect their retirement plans. It can change circumstances and one or both individuals may find that they can't afford to retire when they thought they could.

Women are particularly susceptible to divorce, particularly with more couples divorcing later in life. It may be hard for some women to recover financially, especially if they have relied on their husbands to take care of the finances in their marriages. Many women may not have saved money in their own accounts and suddenly the income that has looked after one household may have to sustain two. 

Even when one partner pays the other spousal support, it may not be enough to sustain retirement. Individuals may need to enlist the help of professionals such as financial planners or divorce analysts to come up with a plan. Grey divorce can be particularly harsh on both partners.

An Alberta family law lawyer may be able to help a client when it comes to ironing out a divorce settlement that could help in these types of situations. A compassionate, experienced lawyer will understand what is at stake in a divorce situation and may be able to make recommendations to lessen the financial issues facing his or her client. It may be best to obtain some legal guidance when there is so much at stake.

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