Divorce for older couples can create financial hardship

On behalf of Peterson Stark Scott posted in Divorce on October 22, 2018.

Couples who have been married for many years most likely have amassed many assets together. When an older married couple in British Columbia — for whatever reasons — decides to call it quits, there may be a lot at stake financially. Divorce later in life comes with its own set of problems.

Incidents of divorce are rising even for couples in their 60s and 70s. At this point in a marriage, there may be many assets to divide. There also might be an issue of one or both individuals needing to return to the workforce in order to be able to stay afloat financially and that could pose a real problem since some employers don’t look favourably on hiring older employees.

When an older couple divorces, pensions are also on the table since everything a couple received during the marriage is likely to be divisible. This may cause added emotional strain in what is probably already a very stressful situation. Divorce is never easy, especially when a couple has been together for decades. Having a marriage contract may help to keep personal finances separate if a couple decides to divorce.

A British Columbia divorce lawyer can help his or her older client to navigate the often muddy waters of divorce. A lawyer can also, at any point in a marriage, help his or her client to write a marriage contract. Postnuptial contracts are becoming more popular these days with couples who have been married longer. It is always good to be prepared for life’s curve balls since nothing is carved in stone.

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