Westside Family Law

A full-service family law firm serving West Vancouver and the surrounding areas

604-800-8853

Consider retirement when going through divorce, property division

To sustain their lifestyle after retirement, many high net worth couples invest large amounts of money throughout their lives. But what happens to British Columbia couples who divorce prior to or during retirement? The property division process can take a major toll on retirement plans. This is an important subject as more Canadians face retirement as singles than ever before.

Statistics Canada reports that there are more one-person households than ever before in the nation's history. In 2016, 28.2 per cent of households were occupied by a single resident. These trends have been traced back to multiple factors, including income redistribution, pensions and women in the workforce. It also is related to higher divorce rates among the older population.

In British Columbia and across Canada, financial experts urge divorcees to properly understand their situation and to save accordingly, especially if changes such as a separation take place. Those who are undergoing legal proceedings related to their separation or divorce should keep their future situation in mind when settling on property division details. This includes considering any children, possible future illnesses and long-term care. Once a divorce is finalized, revisiting retirement plans is necessary for most people.

Financial changes, including those related to retirement, accompany most divorces in British Columbia. During a divorce, it is important to represent one's best interests and to advocate for fair property division. Considering future plans will help with this process. A lawyer with experience in high net worth divorce and family law can also help to advise on legal options and considerations.

Source: metronews.ca, "More Canadians facing retirement as singles", Talbot Boggs, Oct. 3, 2017

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