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Considering property division in grey divorce

The phenomenon known as grey divorce, or divorce between couples over the age of 50, is becoming more common. British Columbia residents may be aware of this trend, which is seeing more and more people approaching retirement age and dealing with separations at the same time. The usual challenges of a divorce, including property division, are of particular importance in grey divorce situations, particularly for women. 

In the age group in question, it is not uncommon for the woman in the marriage to have been out of the work force for some time. In cases of grey divorce, this can put her at a financial disadvantage once the separation is complete, because re-entering the job market at age 50 or older is often extremely challenging. This could make her dependent upon her spouse's retirement package, which may not be available to her following the divorce. 

In cases like this, it may be tempting for women to want to retain ownership of valuable properties, such as the family homes. However, this is not without its pitfalls as well. A woman may find she is unable to keep up with the costs associated with maintaining the home, rendering the asset far less valuable to her in the long term. 

It is important for British Columbia residents approaching a grey divorce to seek out the support of qualified professionals. Property division is a complicated topic in any divorce, but it is particularly complex for women in grey divorce situations. Seeking guidance from a qualified divorce attorney can help both parties move forward into their golden years in positive, financially stable ways. 

Source: wotv4women.com, "Divorce over 50: What you need to consider", Gail Saukas, Aug. 4, 2016

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