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Article written by Kim Brown
It’s no secret that divorce can be a costly process, but it may surprise you to know that the financial impact can be much greater if you are over the age of 50.
So, what does age have to do with it? Our lawyer Ron Shulman had to opportunity to talk about this issue with BNN Bloomberg.
Older couples who decide to get a divorce face their own set of challenges which are different than people who are much younger, says Ron. “The main set of challenges is to maintain the same standard of living they’re accustomed to.”
Younger people still plan to work for a few decades; they are able to earn an income and rebuild their finances. But people over 50 are faced with a limited financial pool of accumulated assets, and they don’t have as long to replenish their savings. That can make it harder to retire comfortably.
“When someone is over 50 and you tell them ‘ you won’t be able to live in your house, you may have to rent, you may not be able to finance your children’s post-secondary education or you may have to cut down on your travel,’ it becomes a much more difficult planning discussion.”
Even though it is challenging, grey divorces are on the rise. People want to be happy during their retirement years, even if that means they must adjust their lifestyle.