With the court system backlogged due to Covid-19, older clients may want to split up on good terms.
Divorcing clients who aren’t seeing eye to eye may want to consider a more amicable option — especially if they don’t have many years left to live.
“When there is a marital breakdown, you need a strong financial and legal plan because, in the case of grey divorce, each spouse will need to use the retirement nest egg to fund two retirements versus the one they had before their breakdown” – Diana Isaac, family lawyer, partner, Shulman & Partners LLP, Toronto
“Lawyers now have a duty to encourage clients to try to solve issues out of court unless doing so would be inappropriate. Non-court options include negotiation, mediation, collaborative law and arbitration.” – Nathalie Boutet, managing partner, Boutet Family Law & Mediation, Toronto
Boutet encourages divorcing clients to work with a financial advisor to know what their post-divorce future will look like.
“help them understand their new reality” – Debbie Hartzman Professional Investments Inc. Kingston, ON
Isaac also encourages her clients to work with an advisor to understand how a divorce will affect their retirement “it’s crucial to address the financial aspects of a separation”
by: Maddie Johnson, Investment Executive