On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in Family Law on Thursday, December 15, 2016.
The group of Canadians referred to by the term “millennials” are re-writing the book on marriage and partnerships. Many are choosing to wed much later in life than was common in previous generations; the average age for a millennial man at his wedding is 31, and a millennial woman averages 28 years old. Many are choosing common-law relationships, instead. Either way, breakups do still happen, and many men and women are realizing they can’t afford to be single. However, there may be solutions for them in the Alberta family law process.
TD Canada recently released the details of a study on divorce in this country. One of the revelations was that 50 percent of millennial or Generation X individuals who have gotten divorced were not ready financially to be alone. An additional 23 percent said they’d put off separating from their partner for financial reasons.
One financial planner suggests that low wages and the high cost of living in many major urban centres are largely to blame. Young couples with children are especially vulnerable to financial strain. Pre-planning for a break-up, whether one seems likely or not, may be helpful. Understanding how the finances work rather than depending on one’s partner to handle things can also be beneficial.
Whether two people are married or common-law, there are aspects of the family law process that can help make a separation financially bearable. Instead of staying in a non-functioning relationship, it may be better to seek professional assistance from a family law firm. The lawyers there will have a deep understanding of family law in Alberta, and might be able to show the way forward to any man or woman looking to move on from a relationship.
Source: therecord.com, “Can’t afford to live without you: Rent a crucial factor in many relationships”, Dec.5, 2016
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