Navigating Financial Challenges: How Later-in-Life Divorces Impact Support for Adult Children

It was a pleasure to be featured in The Globe and Mail to discuss the financial complexities of later-in-life divorce. This situation, while challenging, is an opportunity to redefine your financial future with clarity and confidence. “You’re not starting over, you’re starting smarter with a plan built for your new reality.”

This is a growing reality for many.

Divorce rates among Canadians aged 50 and over have risen by 26% since 1991. Furthermore, studies show a person's household income can fall by as much as 45% post-divorce, making proactive planning essential.

If you are navigating this transition, here are recommendations for immediate next steps:

• Create a new, detailed budget to understand your single-income reality.

• List all personal and shared assets and liabilities.

• Update beneficiaries on all retirement accounts and insurance policies.

• Rerun your retirement planning projections to reset your timeline. Clarity comes from rerunning the numbers and protecting your retirement first.

• Work with your legal team to retitle jointly held property and accounts.

• Establish a new emergency fund to build your financial safety net.

As a fee only financial planner, my role is to provide objective advice focused solely on your best interests. We provide clarity, not products.

If you need help building a secure path forward, I invite you to book a free initial consultation to see how we can help.

Here is the link to the article by the Globe and Mail.