Divorce mediation can help over 50s stay solvent

On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in Divorce Mediation on Friday, October 21, 2016.

The incidence of divorce over 50, what’s being termed a ‘grey divorce’, is on the rise. Statistics from the United States indicate that one in four divorces involve a party over 50 years of age. Grey divorce is becoming more common here in Alberta, too. Starting a new life in middle age or beyond can be challenging, especially financially. It may help to go into a divorce with a plan for future solvency, and choosing divorce mediation is a sound first step.

A long-term marriage can lead to complicated and extensive assets and finances, and of course emotional involvement. Experts suggest that it’s a good idea to enlist the aid of such professionals as may be needed to set things in order. These might include an attorney, financial planner, a mediator and even a therapist. Of course all these people cost money, and it’s important to stay within one’s budget.

Understanding one’s assets and their value, both current and potential, is essential to establishing a plan for one’s future. Having a sense of what one is capable of maintaining is equally important; there’s no point in fighting to keep a major asset, such as a home or vacation property, if the carrying costs are beyond one’s means. It may also be necessary to reassess employment situations, and perhaps consider rejoining the workforce, or delaying retirement.

Extricating oneself from a marriage that has run its course is never an easy task. Living life after divorce, especially for those over 50, may be even less simple. With each individual using the services of a family law group experienced with divorce mediation in Alberta, it may allow both parties involved to work through their differences, come to a fair settlement and provide the foundations for financially stable futures as individuals.

Source: Sioux City Journal, “Keeping some green in gray divorce”, Sarah Skidmore Sell, Sept. 11, 2016

Related Posts: Understanding the basics of divorce mediation, Divorce mediation could help sort out financial issues, The good divorce, How To Keep Your Divorce Out Of Court: The Benefits Of Mediation