Here are some interesting statistics about the increase in divorces among long term partners. According to Statistics Canada, as the Canadian divorce rate fell by more than 11 per cent between 1993 and 2003, it rose among couples over the age of 40. In the 50-to-54 age group, divorce rates increased to 34 per cent. The rate of divorce for Baby boomers between the ages of 55 and 59, increased by 47.8 per cent. The numbers fell slightly for those in their 60s, but still stood at 31.7 per cent. Among seniors, it dropped remarkably to 9.2 per cent.
Whatever the underlying reasons for this trend, there is no question that the event itself can be confusing to grown children and extended family. At a time when couples would be preparing for retirement, the unexpected costs of divorcing can also have a major financial impact.
Managing the costs of divorce at this age is an important aspect of planning for the future. The reality of covering the additional expenses of having 2 homes is reason enough to make sure that cost of the separation is handled responsibly.
Both mediation and Collaborative Practice offer older couples an approach that allows them to make decisions about costs and provides the opportunity to plan for their separate financial futures together. Financial projections that give information about the impact of the today’s decisions on tomorrow’s finances are a value added service.