Divorce has always been a part of Canadian life. However, more and more people approaching retirement age are making the decision to end marriages that have sometimes lasted decades. This so-called “grey divorce” brings with it a number of unique challenges for British Columbia residents looking for a later-in-life change. As a result, there are several things to consider that younger couples might not need to confront.
The most prominent of these is retirement. For a couple who spent years assuming a joint retirement fund would carry them through their golden years, or for those who relied on a spouse’s retirement plan for their own retirement, this requires a thorough review. There are several ways to handle this, including returning to the workforce, downsizing living arrangements and/or selling vacation properties. Seeking the support of a financial advisor to consider these options may be beneficial.
While any divorcing couple has an obligation to update paperwork like wills, powers of attorney, beneficiaries of life insurance and so on, this is particularly pressing for those in a grey divorce. As individuals age, the potential for health problems increases, which means health plans must also be updated. If a spouse was originally a beneficiary of a life insurance policy or included in one’s health plan, it is crucial that any related paperwork be updated to reflect the changes as a result of the divorce.
No divorce is the same as the next, and this is particularly true of grey divorce. British Columbia residents considering a later-in-life divorce are reminded of the unique challenges that face them as they approach this challenge. Seeking the support of experienced attorneys to help handle these issues is a good way to ensure both spouses can enjoy their golden years separately.