Grey Divorce Lawyer
Ending a marriage later in life has its challenges. After having spent potentially decades together, several considerations have to be made for older adults that wouldn’t necessarily be issues or debates in other circumstances. In particular, the financial implications are the most far-reaching and will have the most impact on the lives of the two spouses. A grey divorce lawyer in Toronto can aid in going over key concerns, such as healthcare, insurance, retirement savings, estate planning, and more. The purpose of grey divorce legal help is to provide guidance to older adults who are considering a divorce or who have already committed to a separation.
What is a Grey Divorce?
Divorce after age 50 is considered a grey divorce. These are divorces that occur later in life, often involving retirement savings to property division issues. A divorce is stressful at any age, but for couples 50 and up, it’s becoming more and more common. While divorce rates in some demographics have actually declined in recent memory, among people over age 50, it’s actually more than doubled. If you are looking for a grey divorce, a couple must consider the wide range of issues that such an event will impact and the many things that have to be decided on.
What Causes Grey Divorce?
The reasons why an older couple chooses to end their marriage are really not that much different from any other relationship.
- Lifestyle changes. Sometimes, two partners may each want a different life than what the other is willing to provide.
- A couple grows apart. Particularly in later years, when both partners are no longer caring for young children or when they’re in retirement, they may come to realize they no longer have as much in common as they once shared.
- Postponed divorces. In some cases, a couple may have agreed to stay together for a specified time – such as raising children – and now that time has passed, they wish to move forward with their separation and divorce.
- Different views on retirement planning and what retirement looks like can cause a married couple to opt for a divorce.
- Perhaps an older person has chosen a younger partner for themselves, or there are aspects of infidelity in the marriage that have now led to divorce.
What You Should Do if You Are Going Through Grey Divorce
A grey divorce can be very problematic if you aren’t anticipating the challenges involved. The top three issues grey divorces face come down to retirement, life insurance, and adult children. Seeking the assistance of a Toronto grey divorce lawyer is the first thing you should do when approaching a grey divorce. They can offer input on how to navigate this complex terrain.
Under Ontario’s Family Law Act, married couples are tasked with dividing all wealth acquired during the marriage through equalization of net family properties. Assets do not have to be divided; however, the monetary values are shared. Therefore, even if the marriage had a clear main income earner when a couple separates in grey divorce, all assets accumulated over the course of the marriage are considered matrimonial assets and are to be divided.
To that point, a couple has to look at how they intend to split what they’ve saved for retirement. Unfortunately, this is a decision that can make it hard for both ex-spouses to retire comfortably.
All in all, a strong financial and legal plan is needed. For this, a grey divorce lawyer in Toronto is a major help.
Why and When You Need Grey Divorce Lawyer in Toronto
Whether you and your spouse are on the same page or in opposition, get in touch with a grey divorce lawyer in Toronto for guidance. Ending a marriage after age 50 is not easy. It’s an enormous change with a lot of moving parts to decide on ultimately. Successfully navigate these challenges and arrive at a definitive answer on disagreements, and enlist the help of a grey divorce lawyer today.