Research shows that a growing percentage of people older than 50 end their marriages. Researchers found that the increasing divorce rate among seniors might be the reason for the high incidence of poverty among older people in British Columbia and elsewhere. While those who get divorced when they are younger seem to be able to continue their lives without severe financial implications, breakups of older people often have a significant effect on their finances.
Many individuals who divorce at an advanced age have to delay their retirements. The total expense of a divorce is often considerable, and with the court costs, legal fees and no longer sharing living expenses, retirement may be out of the question. Mortgage payments or rental, residential maintenance, utilities and more will be increased, and former spouses will have to cope with it individually.
According to research, women are more likely than men are to experience poverty after a grey divorce. It has been said that this may be because women sometimes want to keep their family homes, and then use their retirement funds to buy out the shares of their former spouses. Along with the huge financial responsibility of the property, it may be too late to make up the retirement savings, leaving them with no other option than to continue working.
British Columbia residents who consider divorce at the age of 50 or older may benefit from first consulting with an experienced divorce lawyer. The attorney can assess the person’s unique circumstances and provide valuable advice and ongoing assistance. With the support and guidance of a seasoned lawyer, potential financial pitfalls can be anticipated and avoided.