Divorce after 50, sometimes referred to as “grey divorce” is very different than divorce at a younger age. There may be decades of shared assets, retirement plans, adult children and the challenges of starting over financially. There can be more to lose and less time to start over financially, so it is important to understand your options and consider your choices carefully.

Top 10 Mistakes to Avoid

1. Agreeing to a financial settlement without understanding the value of all of the shared assets.
2. Not knowing or understanding your spouse’s pension or retirement savings and/or accounts.
3. Agreeing to leave the matrimonial home without understanding your options.
4. Hiding any assets or liabilities.
5. Signing any agreement without independent legal advice.
6. Making any decisions about retirement until you fully understand your financial situation after the divorce is settled.
7. Agreeing to terms of settlement verbally and then not having them put in writing and witnessed.
8. Making promises to do something without seeking prior confirmation from legal counsel.
9. Overlooking the consequences of joint debt and tax implications.
10. Not understanding the consequences of date of marriage assets and liabilities.

This can be a confusing time and with more questions than answers.

Contact us anytime at SMP Law to help SiMPlifyyour legal matter at 905-565-9494 or email info@smplaw.ca if you have any questions or would like to book an appointment to meet and discuss your situation and how we can help.

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