Grey divorce is a term that is often used for people who are 50 years old or more who file for a divorce after being married for a long time. After staying together for decades, when a couple decides to split, it shifts social norms and values. People are making the decision based on their own happiness and peace of mind.
In Canada, the grey divorce rate is increasing compared to the last decade. Let’s see what grey divorce is and what its impact of it on other things.
What is Grey Divorce?
Couples being divorced at the age of 50 after staying married for years is called grey divorce. It is also known as “silver splitters” or “late-life divorce”. This grey divorce phenomenon is rising steadily across the globe.
Statistics Canada says that from 1991 to 2006, the divorce rate of people aged 50 or over rose by 26%, and it has been stable since then. Many people file for divorce at this age and choose to start a new life, because they realise they are not happy after living with their partners for a long time.
What are the Causes of Grey Divorce?
The main causes of grey divorce can be distinguished from the personal, emotional, and social factors:
Empty Nest Syndrome
Empty nest syndrome is one of the primary causes for grey divorce. When the children move out, many couples understand the fact that they were together for all these years just for the sake of their child. This moving-out event reveals a lot of underlying issues in a couple’s conjugal life. When they realize and acknowledge the crisis of their married life, they do not want to live with it anymore and choose divorce as an option.
Giving Importance To The Personal Growth
Giving importance to personal growth or growing apart over time is a very important cause of grey divorce. When a person develops a different interest after their 50s or later, it may lead to disagreement in their conjugal life. Many research shows that both men and women report emotional distance and lack of shared interest as significant causes for their divorce.
Financial Issues and Retirement Planning
Retirement often brings financial and mental stress, financial management issues, and untold debts that can strain long-term marriage. Partners might have different spending habits or financial plans that are not in sync with the current financial situation, which makes a person take the decision to walk out of a relationship.
Exploring and Desire for New Experiences
Many people seek opportunities and want to experience new things after a certain age, which is a leading cause of grey divorces in Canada. Moreover, changes in social norms and acceptance give a person the influence to explore a new stage of life and self-independence after coming out of any responsibility.
Expectation of Longer Life
To increase life expectancy, many Canadians want to live a life without any responsibilities. For this, people don’t want to be tied up in a long-term relationship after their 50s. People think they will find more personal time and can focus on their personal improvement when they are no longer in a relationship, which drives them to choose grey divorce.
Reduced Stigma around Divorces
Societal point of view towards divorce has changed a lot over the years. Nowadays, divorce does not have a negative aspect in society. The couples do not compromise in their marriages for the sake of society’s norms and stigma. So the older couples are walking out of their toxic marriage, even after staying together for decades.
Legal Aspects of Grey Divorce
There are certain legal aspects of grey divorce we can talk about:
Property and Asset Division
After a divorce, property and asset division comes in the first position after certain paperwork. In Canadian law, the property division sector is governed by provincial or territorial laws. They generally focus on the fair and equal division of assets acquired during marriage. While property and asset division, the authority’s key concerns are:
- Matrimonial home
- Pensions after retirement and bank balance
- Investments and business, and debts
Financial Implications and Spousal Support
Couples who have shared assets and other retirement savings when going under a grey divorce typically are subject to division under Canadian family law. Splitting all these assets and savings may impact the living standard and insurance conditions. On the other hand, spousal support is also known as alimony, will be decided by the court based on these things:
- Roles during marriage
- Financial disparities
- Pre-nuptial or separation agreements
Planning for Retirement and Pension
Assets earned and built during the marriage are considered family property according to Canadian family law. So, after retirement, the pension a person gets is a property of both, and it is subjected to division upon divorce. Canada Pension Plan (CPP) credit will be divided equally into two parts through the credit splitting process. It also causes:
- Retirement delay
- Living expenses increase
- Tax liabilities trigger
Insurance and Wills Settlement
After a divorce, one may lose access to spousal health benefits. It will be costlier for each to get health insurance after divorce, so it is necessary to get personal health insurance for all. For life insurance, if all the necessary documents are not updated, it may cause benefits for unintended parties. For a will settlement, filing for divorce does not revoke a will automatically. To avoid any unwanted situation regarding the will, one should :
- Revise the will and remove the ex-spouse if he wishes.
- Appoint a new executor if needed.
- Assign a trustworthy person to manage financial affairs.
The Emotional Impact of Grey Divorce
Divorce surely leaves an emotional impact on any individual. The emotional journey is often complex, though it offers a way to personal growth and fulfillment. We can see the emotional impact of grey divorce in the following way:
Emotional Challenges for the Divorced Couple
A grey divorce can bring grief and loss not only for the person but also for all the memories they shared together. The sense of loss might make a person feel depressed and frustrated. Many go through an identity crisis journey, which has a long-lasting impact on personal life.
Impact on Adult Children
Grey divorce also affects adult children. Watching your own family divided into two pieces is not easy for anyone. They might need a long time to process this news. They commonly feel shocked, sad, and guilty in most cases. Children have to act as a caretaker and give mental and emotional support to both parents.
Conclusion
Grey divorce in Canada is increasing over the years. So many factors contribute to this case, including people tend to seek independence after 50, they expect a longer life, and want to value their personal happiness over others.
Moreover, women do not want to live on others’ expectations and regulations, they want to empower themselves. For all these reasons, people over the age of 50 are filing for divorce and choosing to end their marriage.