BNN Bloomberg: The Impact of Grey Divorce - Featuring Ron Shulman, Shulman & Partners

Divorce later in life is becoming increasingly common, but its consequences are often underestimated. In an interview with BNN Bloomberg, Ron Shulman, Managing Partner at Shulman & Partners LLP, discussed the growing trend of “grey divorce,” a term used to describe separation after age 50, and why it presents unique financial and practical challenges. Unlike younger couples, those ending long-term marriages later in life often have fewer opportunities to recover financially. Retirement planning, pensions, and housing decisions are all placed under strain at a stage when income is typically fixed or declining. The conversation highlights why these divorces require careful planning and realistic expectations, particularly in Ontario, where property division and pension rules can come as a surprise. Ron’s insights help frame grey divorce not just as a legal process, but as a significant life transition that demands thoughtful preparation.

“Unlike younger people, those going through divorce later in life do not have the ability to rebuild financially through increased income.”
— Ron Shulman, Managing Partner at Shulman & Partners LLP

During the interview, Ron explained why divorces later in life tend to be more financially disruptive than those occurring earlier. One of the central issues is that long-term couples often plan their retirement together, assuming they will rely on shared assets such as the family home, pensions, and savings to support a single household. When a marriage ends after age 50, those same assets must suddenly support two separate lives.

Ron emphasized that unlike younger individuals, who may have decades of earning potential ahead of them, people experiencing grey divorce often have limited ability to rebuild financially. Many are nearing retirement or already retired, which means their income base is shrinking rather than growing. As a result, lifestyle changes can be significant and permanent.

A major point of confusion for many clients, Ron noted, is the treatment of pensions. Pensions are assets under Ontario family law and are subject to division, just like real estate or savings. Many people are surprised to learn that a pension accumulated over the course of a marriage may be split, either at source or through equalization using other assets. This reality can dramatically alter retirement expectations.

Housing is another major pressure point. In long-term marriages, the matrimonial home is often mortgage-free or close to it. Following separation, neither spouse may be able to afford a buyout or carry a new mortgage alone, making a sale unavoidable. This can be particularly difficult when adult children are still living at home or rely on ongoing parental support.

For couples who divorce after retirement, some challenges shift but do not disappear. While retirees may already be accustomed to a reduced income, dividing pensions, addressing spousal support obligations, and managing tax consequences can still have lasting effects. Ron also noted that spousal support may remain relevant even after retirement, something many people do not anticipate.

Overall, the discussion underscored that grey divorce is not simply a later version of separation. It comes with its own legal, financial, and emotional realities, requiring careful navigation and informed decision-making.

Watch the full BNN Bloomberg segment here.

This media appearance is part of Shulman & Partners LLP’s ongoing contributions to Canadian family law discussions. Explore more of our media features in our In the Media archive.