In the 21st century, people are living longer, healthier and more high-yielding lives than we have ever imagined, but hardly a few wish to effectively spend their lives with their current spouse or partner. The so called ‘Grey Divorce’, referring to people getting divorced after crossing 50 years of age.
The statistics are shaky and stumbling to a free fall. Over 40 per cent marriages are ending in divorce at a time that seems least common. According to the Pew Research Centre, the divorce rates in Canada have roughly doubled since the 90s elevating from 5 per cent to 10 per cent. These statistics only include adults getting divorced over the age of 50. People are actually choosing to become empty nesters than stay together in their last phase of their lives.
Rick Peticca, an associate at Shulman Law, notes that couples deciding for a divorce should understand that there are other persons in the equation as well and they have to be fair and reasonable to those people. Even after deciding to walk on different paths, the estranged couple could always be cordial and cooperate with the other for the sake of their children and grandchildren.
Divorce can be emotionally overwhelming with the addition of being a financially draining experience. Peticca has taken the liberty to draft a few pointers for people to reduce the financially overbearing burden if divorce is the path you wish to choose.
Understand your financial situation. A divorce will result in equalization of assets but your cost of living will rise as you will have to bear all the expenses single-handedly.
Settling outside of the law chambers will turn out be another cost-saving factor. Mediating and negotiating a settlement will cost a huge amount of legal fees and can also consume a lot of valuable time.
Check your emotions at the door! If a person is looking to step into a new relationship after the divorce, Peticca advices you to consider a cohabitation agreement or a marriage contract.