As individuals near retirement age rebuilding financial security can be challenging.
The average age at divorce has seen an increase over the past decade and currently sits around 46 years old. The phenomenon of couples divorcing later in life has come to be known as “Grey Divorce” and is attributed to changing societal norms and increasing life expectancies.
At Jones Divorce & Family Law we are familiar with the unique challenges an aging client faces when it comes to the breakdown of their long-term marriage. Grey Divorce has significant financial implications as parties have been building their financial portfolios for decades and many are preparing for life on a fixed income as they near or enter retirement. Also, parties are forced to determine what will happen to their family homes and other property they have had for years which can have a significant impact on their emotional wellbeing. Another unique perspective to Grey Divorce that lawyers must consider is the overall health of the parties and what unique challenges they might face in both the near and distant future.
Why Is There A Rise In Grey Divorces?
Empty nest syndrome – When children leave home, it often leads to a profound change in the parents’ lives. This shift can expose underlying marital issues that were suppressed or ignored during the child-rearing years, leading to marital dissatisfaction.
Longer lifespans – As life expectancy increases, so does the time couples spend together in the retirement phase. The prospect of spending 20 to 30 years in an unhappy marriage prompts more seniors to consider divorce a viable option.
Growing apart – Often, in Grey Divorces, couples realize they’ve grown apart or lost their initial spark, and with diminishing societal stigma around divorce, they see it as the best path forward.
Infidelity – Baby Boomers’ inclination towards individualism and personal happiness can contribute to infidelity, a significant driver of Grey Divorce, especially in an era where infidelity carries less stigma.
How Jones Divorce & Family Law Can Help
The lawyers at Jones Divorce & Family Law can provide invaluable support and guidance during the process of a Grey Divorce. Our skilled and experienced divorce lawyers understand the intricacies of family law in Calgary and can advocate for your rights and interests. We can navigate complex legal procedures, negotiate on your behalf, and ensure your voice is heard in court, if necessary.
By partnering with one of our trusted lawyers when going through a Grey Divorce in Calgary, you can gain peace of mind, knowing that you have a dedicated professional by your side, working tirelessly to achieve the best possible outcome for your family.
Frequently Asked Questions
What are the main challenges of the grey divorce process?
The challenges include complex financial separations involving pensions and retirement accounts, spousal support adjustments, and emotional impacts like redefining one’s sense of identity. Our experienced lawyers are dedicated to guiding clients through these intricacies.
What are the common concerns during a Grey Divorce?
- The division of retirement benefits – It can create challenging issues with determining spousal support, as the support payments can depend on unpaid retirement benefits. Splitting your pension also adds complexity to the ability to retire as planned, as the amount intended to last through the golden years has been divided in half.
- The division of retirement benefits – It can create challenging issues with determining spousal support, as the support payments can depend on unpaid retirement benefits. Splitting your pension also adds complexity to the ability to retire as planned, as the amount intended to last through the golden years has been divided in half.
- Spousal support – Generally paid either in a lump sum or through a promise to pay a specific amount over a set period or even for an indefinite period.
- Sorting out estate plans, wills, and beneficiaries – Many individuals who are divorcing fail to change their beneficiary information on wills, life insurance plans, and other benefits. This can result in confusion upon death when it comes time to distribute the proceeds of these assets to beneficiaries.
How can Jones Divorce & Family Law help during this process?
Our team of compassionate and knowledgeable professionals is dedicated to understanding each client’s unique situation and goals. We strive to:
- Offer Specialized Legal Guidance – Our legal team has extensive experience in handling the nuances of grey divorce, from complex asset division to negotiating fair spousal support arrangements.
- Provide Emotional and Psychological Support – Recognizing the emotional toll of grey divorce, we connect our clients with counseling and support services to help them navigate this challenging time.
- Ensure Financial Security – We work tirelessly to ensure a fair distribution of assets and safeguard our clients’ financial futures, paying close attention to pensions, retirement accounts, and long-term financial planning.
- Advocate for Amicable Solutions – Whenever possible, we advocate for mediation and collaborative approaches to minimize conflict and promote amicable resolutions that respect the years of partnership.
Can Jones Divorce & Family Law assist me if I’ve been out of the workforce for a long time?
Absolutely. We understand the concerns about financial security and re-entry into the job market. Our team works to negotiate spousal support arrangements that reflect your needs and contributions to the marriage, ensuring you’re positioned for financial independence.
What are the emotional impacts of grey divorce?
Individuals navigating a grey divorce often experience a whirlwind of complex emotions. The end of a long-term marriage can bring about profound grief and a sense of loss, coupled with feelings of loneliness and isolation, especially for those without a strong support network.
Financial worries and concerns about future living arrangements can lead to fear and anxiety while re-entering the dating or facing the future alone can be daunting.
What are the possible pros of going through a grey divorce?
For some, this transition offers a sense of relief and liberation from an unhappy marriage, paving the way for personal growth, new pursuits, and a rediscovery of self. With time, many find optimism and hope for the future, underlining the importance of strong support systems and engaging activities in navigating the emotional landscape of grey divorce.
