The fact that a high percentage of marriages end in divorce has been long-established. The actual statistic varies according to location, year and age of partners. In Canada specifically, the national census has stopped tracking divorce rates back in 2011. However, Statista Canada estimates that in 2018, about 2.64 million Canadians were divorced, without any age specific breakdown. And while this is not necessarily uncommon, it is important to make a distinction between how divorce affects different people at different stages in their life.
The grey divorce phenomenon
Alongside many Canadian law firms, Toronto-based Devry Smith Frank LLP (DSF) lawyers point out the growing number of people getting divorced in their 60s and 70s, a phenomenon also widely known as ‘grey divorce’, and what the implications are for both parties. A spokesperson for the law firm commented, “Getting a divorce later in life is a uniquely complex process. One of the reasons for this is that these couples have typically been married for extensive periods of time which makes the distribution of assets and liabilities more complicated. Similarly, prospective earnings in the future are in many cases now limited. We have seen a number of cases where our clients’ financial stability was put at risk because often the biggest asset here is the pension.”
Being prepared is key to succeeding
In general, there are a number of things couples desiring to separate can do to ensure the outcome of the case is in their favour. The lawyers at DSF advice people in similar situations, to firstly understand that there should always be full disclosure to increase the chances of an amicable split. Voluntarily hiding assets or specific issues that may have an impact on the state of affairs need to be discussed with the lawyer in the first instance.
That being said, finding a lawyer who has a thorough understanding of the intricacies of a ‘grey divorce’ and knows how to approach it is imperative. In these cases, conflict or hostility can cause the client financial constraints.
About Devry Smith Frank LLP (DSF)
DSF is home to 175 dedicated legal and support staff who have been bringing together their collective experience and unique skillsets to make a difference, even under the most extreme circumstances. Having been around since the early 1960s, the law firm has established solid relationships with businesses and individuals, while also building on their success track record. Expanding to three outstanding locations in Toronto, Barrie and Whitby, DSF is delivering on their mission of offering unparalleled assistance in any legal matter every single day.
Company Name: Devry Smith Frank LLP
Contact Person: Media Relations
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Address:95 Barber Greene Road, Suite 100
State: Ontario, M3C 3E9