You may have seen the reports in recent years: the rate of divorce among baby boomers has risen significantly and appears to be still on the rise. According to Statistics Canada, in the 30 years leading up to 2011, the percentage of separated or divorced seniors who were 65 or older rose from 4 per cent to 12 per cent.
However, for many boomers, the end of one union didn’t stop them from entering into a second one, either a marriage or a common-law relationship. Statistics from 2011 showed that 76 per cent of male seniors and 55 per cent of female seniors who had been separated or divorced later got married again or joined a common-law union.
Dubbed “grey divorce,” the phenomenon has had particular implications in terms of property division at divorce. Many older couples have been married or cohabiting for decades and have therefore accumulated and mingled significant assets. In these cases, identifying, valuing and dividing matrimonial property can be a complicated process, requiring help from experienced professionals.
The reality is that Canadians are living longer now than they ever have before, and divorce in one’s later years could have financial repercussions for years to come. Ontario divorce law recognizes that a 50-50 split of matrimonial property may not be fair in every situation, and to reach a truly fair settlement, it is crucial to work a divorce lawyer with experience in finding, tracking and valuing assets, as well as assessing present and future liabilities.
To learn more, please visit the property division section of MatrimonialHome.com.