28 Mar Your Housing Options after Divorce Just improved

Major banks in Canada recently announced a reduction to their fixed rate mortgages. It seems bank executives are more confident about the housing market and the likelihood of a major correction in housing prices.

This should provide good news for people who are separating and making decisions of how they split their assets, in particular, the matrimonial home. For many, keeping the house is important for couples with children and keeping a stable environment for them. For older couples, whether they choose to buy a partner out and remain in the matrimonial home or sell and each purchase a new home, lower interest rates allow for more flexibility when it comes to possible settlement options.

Managing two households costs more than maintaining one household. With late in life divorce, retirement plans are greatly affected by housing costs.

Many people finance equalization payments owing to spouses through refinancing existing mortgages, so lower mortgage rates in those situation helps.

If selling the matrimonial home is part of a settlement plan, lower mortgage rates make home buying more attractive. If keeping the matrimonial home is an option, managing cash flow is easier with lower monthly mortgage payments.

The home you want to keep or the home you want to buy after divorce may
now be a real possibility.

15 May Financial stability is top of mind in grey divorce

From Marion Korn’s blog http://marionkorn.com/index.php/financial-stability-is-top-of-mind-in-grey-divorce/

At the time in life when incomes start to shrink and retirement is approaching, divorce costs are likely not in the budget.  A lifetime of planning for the future can be deeply undermined if emotions get the better of good sense.

Divorce among couples in their 50’s and 60’s is on the rise.  Whatever the cause, the effect is that a new strategic financial plan is needed.  Additional living costs will be a certain result.  And postponed retirement may be another.

Luckily there are good options that can control the cost of settling all the details in a “late in life” divorce.  Gone are the days when divorce meant court and the delays and expense that entailed.

Collaborative Practice (also called Collaborative Law) is a popular choice among separating couples who want to work out their futures with respect for one another.  They also recognize that preservation of their assets is key in ensuring that they can both look forward to financial stability.

The collaborative process is about management.  The well trained lawyers manage the negotiations by making sure their clients are well informed and that they have the time they need to fully understand the effect of the choices they make.

The financial outcomes are also managed by the financial professionals who can translate the clients’ thoughts and choices about their futures into numbers that illustrate the realities.

Managing the costs of separation is the first step in re-establishing a plan for the future.

Call Marion Korn at  416-915-7000 for more information about Collaborative Practice and how this approach is well suited for late in life divorce.

23 Apr DIVORCE AFTER 50- THE BENEFITS OF MEDIATION

The closer retirement, the more important it is to manage resources.  It takes a lifetime of planning for the years when more monies will go out than will be earned.

For most couples, their plans for retirement are meshed.  When kids are young, there are often dreams about what an empty nest will feel like.  When it finally comes, thoughts often move ahead to the time when leisure will dominate.

No couple plans for a divorce.  They are too busy working, saving, managing the household and just living life.  But recent statistics show that separation and divorce is growing more quickly among mature couples.  There are many theories, including the one that says the “baby boomers” are a generation that feels a strong entitlement to their lifestyle choices.  This is the generation that is now spiking divorce rates.

The math is simple the closer you are to retirement.  There is less time to save and a longer time to spend.  Preserving the nest egg means splitting it up in a way that will bring the most benefit to each person.  And spending it on a fight means less for everyone.

Mediation is a very useful process when maintaining resources is paramount.  Here are some good reasons for engaging a good mediator to help you work out your separation agreement:

  • It is better for your kids (imagine how hard it is for grown kids to see their family change)
  • It is your process and you can control cost and timelines
  • It is confidential
  • It gives you the chance to leave the process with an ongoing relationship to maintain a healthy family
  • The mediator along with a financial partner will make sure you understand what your financial future looks like and will offer you the opportunity to make market adjustments as necessary
  • You will be given the opportunity to work on your future, not to fight about your past
  • Mediation has been around for decades and has a proven track record of success
  • It is something you can both agree on

05 Apr We don’t want to go to court!!

For  couples contemplating separation or divorce at later stage of life, the costs of   prolonged negotiations that may erode assets that they’ ve set aside for their retirement  is not what they want to see happen. There are viable alternatives to costly litigation  that  allows the couple, rather than the court, to decide what is best for them.

If you or someone you know is facing divorce, join us on Apr 12  at “Late in Life” Divorce Talks.
Learn how our mediation process works and how it differs from litigation.  To register CLICK HERE

08 Mar Happy International Women’s Day!

Today is the 100th anniversary of International Women’s Day.
I want to celebrate all the women that I work with….
The women facing divorce, who understand that financial information provides them with the clarity and confidence they need to move forward through their separation and divorce.
My divorce professionals colleague… lawyers, mediators, collaborative team members that provide the guidance and compassion that divorcing women look for and deserve.
Happy International Women’s Day to all of you!

09 Jul How to Divorce and not wreck the kids

The documentary, ” How to Divorce and not Wreck the Kids” is being rebroadcast tonite (CBC ,8 p.m.) It is an informative and practical Canadian documentary  about “Collaborative Divorce” in which a separating couple agree that is the end of a marriage not a family. It follows three couples as they work through  the separation process. Worth watching .