There has been a great deal of discussion in the last several years involving the over-50 demographic pertaining to the subject of a so-called grey divorce. As some British Columbia residents are already aware, the challenges of divorce are not limited to older people. Indeed, some experts have posited that a divorce in one’s 30s can be one of the most challenging life periods in which to end a marriage.
The primary reason for this disparity has largely to do with the fact that most people in this age bracket have more debt than assets. While older people have had a long career to accrue assets for retirement, young people are often still paying off student loans and other credit-based debts they built up during post-secondary education. As a result, being put in a position of having to buy out a partner’s share of a home or condo, in addition to the costs associated with divorce, can be financially debilitating.
Thankfully, there are options available to these couples. For those who are not involved in a contentious divorce, mediation can be a good road to take as it allows the couple to sit down with experienced attorneys and a mediator to determine the most efficacious split of debts and assets. When compared to the equal share they would be faced with in court, this can be an effective solution.
Of course, no divorce is the same as any other. This is why it is so important for British Columbia residents to understand the options available to them at the end of a marriage. Seeking the support of qualified professionals during this time can make the difference between a financial strain and a personal gain.