Posted on May 4, 2012 · Posted in Blog

On Your Own After 50

While the overall divorce rates are declining across Canada, the boomers have seen an increase of more than 40 per cent since the late ’90’s. We have worked with many client couples who were together for more than 40 years. With later-in-life divorce, preserving the assets, and not blowing a wad on the divorce process, is a must.

When you’re 55 years old, or 59 or 65, you don’t have another 30 years in the workforce to rebuild your assets. For many men and women who gave up their careers to stay at home to raise a family, re-entry into the workforce is not even an option!

At this age you’re likely to be more emotionally mature and adjusted to the benefits of living apart from your spouse. Your children are grown and more independent, and you may have more assets, but can’t come to an agreement over how to split them.

senior divorce over 50

A divorce plan using a mediator may be a good choice for many mature couples. Mediation companies like Kelowna Divorce can take the emotions and conflict of family court out of the divorce process. The couple take complete control and they save a ton of money and a lot of stress.

Kelowna Divorce uses mediators with financial backgrounds who take couples separately through a step-by-step divorce process. Couples come to an agreement of their own making, not one determined by a court that knows little about each particular situation. Working with each spouse separately in our unique method also prevents extreme emotions from hijacking the divorce process. Emotions are at the forefront when it comes to deciding how to divide assets, the level of support payments, and how to make sure the children are looked after.

The negotiation process begins when the mediator asks each partner their goals and desires. Then the assets are written down according to financial value, not emotional value. The assets can begin to be divided. Decisions are made about what makes sense financially instead of how much each means emotionally.

If the parties can’t agree on the value of an asset, the party who values it more gets it. “When you use that tactic, it’s amazing what happens,” says Wes Stevenson, mediator with Kelowna Divorce. “If you really think the house is [worth] $1.5 million then guess what, you got it for that.”

But it’s not just a matter of splitting the value of the assets 50-50. The parties also need to take into consideration what will happen to those assets over time. For example, if the wife gets the house worth $500,000 and the husband takes junior oil and gas stocks of the same value, four years later his portfolio may be worth $5 million if times are booming, but her house may be only worth $750,000.

So, if you’re contemplating moving independently forward, before you call an expensive divorce lawyer, call us and we’ll set up a consultation. We also wrote another article titled, “Elderly divorce rate doubled in 20 years,” which you may be interested in reading. You can find it by clicking HERE.

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On the Doorstep of Divorce?
Give us a call at 250.707.0928, or request a consultation.

divorce mediation kelownaAbout Kelowna Divorce Mediation Services

We are not expensive lawyers; we are family divorce mediators.  Our boutique divorce mediation firm has become Kelowna’s first choice when dealing with separation and divorce, and beyond. It is possible to reduce stress, time and conflict. Our mediation model educates and empowers our clients, so that when you leave you have a document that will to stand the test of time.

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