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Grey divorces; Divorce and separation for those over 50.

A growing number of Canadians 50 years of age and older are getting a ‘grey divorce’ or ‘silver separation.’ These terms refer to the later-life separations that are an emerging trend among Canadians.

Reports suggest that there has been a gradual increase in the divorce rate among Canadian men age 50-54; from 7.2% in 1985 to 11% in 2005; the divorce rate for women grew from 5.4% to nearly 9% during the same period. More seniors and retirees are also divorcing for reasons varying from growing apart naturally after children have left home, to having different visions of what each spouse hopes to accomplish in their retirement years.

Working women are less likely to need to rely on their spouses for financial support and couples in this age group are less likely to view marriage as a ‘duty,’ as they transition to a new chapter in life. Grey divorces bring to the table some new considerations. While it’s unlikely that child custody would be a concern, the division of assets, property, retirement benefits, pensions and stocks should be taken seriously. Couples in this age bracket tend to have more established assets, which will need to be properly addressed in a divorce agreement. Lack of financial planning can significantly complicate the lives of couples facing a ‘grey divorce’.

There are unique financial challenges you might face which is why it is recommended that you speak with a reputable lawyer. If you are considering  filing for a ‘grey divorce’ in the Newmarket, Barrie, Richmond Hill or Toronto area, contact one of our Family Law lawyers at Epstein & Associates, today. We would be happy to sit down with you to address the unique legal and financial challenges you may face during divorce or separation.