Grey Divorce: When 70 is the new 40
As the Baby Boomer Generation ages, new challenges will arise for those providing legal and financial advice to this large section of the population. One of the most significant changes is couples getting divorced later in life. While many are settling into their empty nests and expecting grandchildren, some are deciding the time is right to start fresh and leave their long marriages. According to a recent Time magazine article, 25% of people going through divorce are over 50 years old and 1 in 10 is over 65 years old. With the population aging, this trend is likely to continue.
Separating later in life does have its drawbacks. As a recent Canadian Lawyer article pointed out, the Divorce Act and other family law legislation is based on individuals working towards self-sufficiency after divorce. For those over 65 years old, this goal may be more difficult. Couples who have valuable assets to divide may be able to manage; however, those who were relying on living in a home that was mortgage-free and splitting bills will have to reassess their plans.
Dividing assets, particularly pensions, is also very difficult. Special rules regarding beneficiaries and vesting must be considered. Family businesses will also require careful division to avoid tax pitfalls. Meanwhile, children will be anxious to know how these changes will affect the estate that they hope to inherit. All of these issues require expert knowledge in order to provide clients with useful advice.
Family law lawyers will see a dramatic increase in grey divorce clients in the coming years. Get ahead of the curve by attending PBLI’s upcoming program “Grey Divorce: The Next Generation of Family Law” on October 28th, 2015. Register before September 28th to enjoy the early bird discount.
Posted on March 29, 2017 | Comments (0)