How To Survive Your “Gray” Separation or Divorce in Ontario!
Ever wonder how spouses over the age of 50 deal with getting separated or divorced in Ontario?
Many spouses find out that they don’t really know the person with which they are living any more after the children have left and are living their own lives now.
When you get separated or divorced in your 50’s, 60’s and older, you no longer have years and years to build up your investments and financial nest egg for retirement.
In fact, you might have even considered early retirement. You will probably find that really difficult now when you are getting separated past the age of 50.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
You need to understand some important realities about getting separated or divorced past the age of 50:
1. How are you going to pay for your living expenses after your separation or divorce?
You must decide how you are going to live after your separation or divorce. I am referring to the level or quality of your lifestyle. What will be your monthly income? Where will your income be coming from?
What will your expenses be? What kind of home do you want to live in? What can you really afford?
When you have determined how you want to live and how much money you might want to spend each month for your living costs, you might have to make more money, learn to spend less or live off your assets.
You might have to work for a longer period of time than you expected and retire at an older age.
That’s not necessarily bad when you enjoy your work and you find fulfillment in it.
2. What about the issue of spousal support?
You might have to pay spousal support to your former spouse for a longer period of time than you considered when you get separated after the age of 50.
The length of time for which you have to pay spousal support to a former spouse depends on three main factors: the ages of the spouses, the length of the marriage or common-law relationship, and the incomes of the spouses.
When you get separated after the age of 50, you might have to pay spousal support to your spouse indefinitely when you have a long-term marriage or common-law relationship that is 20 years or longer in length and there is a significant difference in incomes between you and your former spouse.
This is can seriously affect your ability to retire.
In fact, you will not be able to retire before the age of 65 and take a lower income from your pension or RRSPs when you still have an obligation to pay spousal support to your former spouse.
The Ontario family court would state that you must pay spousal support at your pre-retirement level of income since you cannot retire early when you have an ongoing spousal support obligation.
I will discuss how to survive a “gray divorce” in more detail in the next video.
Make sure you spend some time with your family lawyer discussing this important issue 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.
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