When you divorce later in life, you may be faced with different challenges than younger couples. You may be at higher salary brackets, you may have acquired more property, or you may have more investments and retirement savings shared between you and your spouse.
To figure out how to best protect your legal rights and financial interests during these divorces - commonly referred to as “grey divorces” - you may need additional help with understanding how divorce laws apply to your property.
According to an article in the National Post, there are many different factors that older couples need to consider when they are thinking of separating or divorcing from their partners. Some of the more notable concerns are listed below:
Spousal support may affect your finances differently should you decide to separate or divorce later in life. In one possible scenario, you and your spouse may be at your peak earning period as you reach the age of retirement. This may mean that barring certain scenarios, the spousal support ranges being discussed may not be as high as you expected, as the differences in salaries may be lower.
In another situation, couples who have been married for a long period of time and are older in age, may not have an end date for spousal support.
Property division may be complicated when spouses separate later in life. Spouses may be near retirement (if not retired already). It is important to receive proper advice to ensure that not only is property equalized between spouses, but also to ensure that both spouses have an appropriate asset/support base at this later stage in life which is generally accompanied by several unique factors.