It’s common to hear about couples staying together for the children, but what about staying together for the retirement savings? For many Alberta seniors, dividing up assets right before or during retirement can be a big undertaking, especially if plans and savings were designed with staying together in mind. For those who do decide to split later in life, there are a few important things to consider during divorce mediation.
The divorce of those over age 50, known as “grey divorce,” is on the rise in North America. Statistics show women often fare worse in many divorces, with an average standard of living decline of 45% for women rather than 21% for men. Grey divorce can be a challenge for those of either sex, but individuals who have depended largely on one partner to bring in income while they cared for children and/or the home can be particularly vulnerable.
There are a few things worth considering in a divorce later in life. One of these is insurance, be it life insurance or health. Purchasing a new policy later in life can be difficult and expensive. Another is home ownership. While people may want to stay in their home for emotional or comfort reasons, it could be a financially devastating decision when the majority of one’s wealth is not liquid when they need it most.
Divorce at any age is not something that should be taken lightly. When there are many assets and years of acquisition amassed, it can become even more challenging. However, it is not impossible and may be a good option for some Alberta seniors. Contacting a lawyer with expertise in divorce mediation is a good way to get started on exploring possible challenges and remedies when seeking a divorce.
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