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Family law experts identify financial challenges in grey divorce

Over the last decade, the divorce rate in North America has remained relatively stable, though two major demographic shifts have kept it that way. British Columbia residents may be aware that the divorce rate among younger people has steadily dropped. As a counter balance, however, the rate of divorce among those over the age of 50 has consistently risen. Family law experts call this phenomenon "grey divorce," and it is having a profound influence on the financial stability of a generation. 

For the over-50 demographic, issues like child custody and support are typically no longer relevant as their children are often grown adults. However, other issues become more predominant in the older group, specifically retirement. In some situations, the female spouse can find herself at a disadvantage approaching retirement age. Experts say this is sometimes because the woman has chosen to leave the workforce to raise a family; in other cases, she has stood to benefit from a spouse's retirement savings or plan. 

When a divorce happens, retirement assets must be divided fairly. As one of the more contentious assets to divide, women in particular can face considerably challenges in securing their own late-life retirement plans. This is why it is so important for both parties to seek counsel from experienced attorneys to help hammer out a mutually-beneficial agreement. 

Divorce can be expensive, as some British Columbia residents are already keenly aware. Coupled with the relative complexity of family law, this makes the guidance and support of experienced attorneys even more important. Working with legal assistance can help both parties walk away from a marriage set up for their golden years. 

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