It is no secret that the end of a marriage can bring with it considerable financial burdens. This is particularly true of baby boomers who are finding themselves in a divorce situation while approaching retirement age, as some British Columbia residents are probably already aware. This seems to be particularly true for women of that generation, who face considerable hurdles on their road to single life.
While divorce rates for younger people are falling, American studies suggest that the rates for people over the age of 50 are skyrocketing. Between 1990 and 2010 the rates for divorce amongst the over-50 crowd has more than doubled, giving rise to the so-called grey divorce. This phenomenon is believed by some to directly influence the rising numbers of retirement-aged people who are simply not retiring.
This is particularly the case for women, who may have spent years or even decades out of the work force, dependent upon their husbands’ retirement savings and supports in return for staying home to raise a family. As a result, more women are re-entering or staying in the work force longer. One study suggested that women who divorced in their 50s were some 10 percent more likely to be working well into retirement.
The financial implications of divorce are not lost on British Columbia residents. However, there is support available even for those seeking an end to their marriage later in life. By securing this support in the form of experienced attorneys, both parties can make decisions that will benefit them well into their single, golden years.