Discover Even More Key Ways to Survive Your “Gray” Separation or Divorce in Ontario!

Discover Even More Key Ways to Survive Your “Gray” Separation or Divorce in Ontario!

If you are seriously considering getting separated or divorced when you are past the age of 50, you need to think about a number of important issues.

I discussed some of these issues in a previous video.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

Here are some key issues you need to consider when you are getting separated or divorced past the age of 50:

1.   Life Insurance

When you are entitled to receive spousal support, make sure your former spouse obtains and maintains life insurance with you named as a beneficiary. 

This helps to ensure that you continue to get spousal support if your former spouse passes away while you are still entitled to get spousal support.

You should understand, however, that it could be difficult for your former spouse to buy life insurance if they have any serious medical conditions.

2.      Downsizing

You might have to sell your home as part of any settlement or separation agreement that you and your former spouse sign.

Your house is most likely worth a fair amount of money with a smaller mortgage or line of credit.

You could easily find it difficult to buy out your spouse’s interest in the home.

In most situations, you do not need a larger house now.

You have to seriously consider whether you want to keep your current home.  If you do want to keep your home, you have to find a way to purchase your spouse’s interest in the home.

Most spouses will probably sell the home since they either have difficult in buying out the other spouse’s interest in the home or they no longer have a need for a larger home.  

3.   Get A Separation Agreement

When you don’t have younger children under the age of 13, it’s much easier to solve your family law issues without going to court since child custody and access is often the main source of disputes in a separation or divorce.

You should definitely try to stay out of family court.  Your best approach is to negotiate a separation agreement with your former spouse.

Make sure you get full financial disclosure from your former spouse.  This will ensure that you get a fair and reasonable settlement on the financial issues in your family law case.

Your family lawyer can certainly help you with making sure you get full financial disclosure from your spouse.

You must also provide full financial disclosure to your spouse.

4.  Change Your Will

Make sure you make a new will so that your former spouse is no longer named as a beneficiary. 

You should also change the beneficiary designations on life insurance policies and RRSPs. 

However, you will most likely not be able to change your beneficiary designations on your life insurance policies from your spouse to another person as long as you are paying spousal support to your former spouse.

Make sure you spend some time with your family lawyer discussing these important issues in your separation or divorce.

If you have any questions about your separation, divorce or family law case and you would like our help, there’s a few ways to contact our office.  You can leave a message on my Facebook law office page, visit my website at www.canadiandivorcelegaladvice.com, or call me directly at 905-434-8837.  We would be happy to speak to you.

Oh, by the way, did you know you can protect your family law rights and get essential information on settling your family law issues with your former spouse with the daily indispensable family law advice and tips at my FREE Facebook group? 

Click here to find out more: Durham Region Separation and Divorce Legal Support Group  

Thanks for watching this video.