Stay Realistic During Grey Divorce To Avoid Emotional Turmoil
Online, June 16, 2013 (Newswire.com) - For those who may have never planned to be alone during their grey days, dividing the assets can be difficult to handle. Experts believe that emotional complications can affect the decisions and the elderly people should be more realistic in their approach. One of the biggest worries is dividing the family assets, which the couple has gathered over the years of togetherness. According to financial experts, dividing any type of asset from an RRSP account to a shared home and coming to an agreeable conclusion is very difficult in any grey separation.
Increasing Trend of Silver Separations
Recently available figures suggest that lately there has been a steep rise in the silver separations. According to statistics Canada, 825 divorces in 2008 were of partners in their grey age or at least above 65 years. This figure is up by three percent from the figures in 2006. However, most of these separations are unplanned and either of the partners is shocked and unprepared to face the situation. Sun Life's financial advisor based at Calgary, Elizabeth Taylor says that she has witnessed more instances of grey divorces in the past couple of years. This mostly happens because when you are young you are busy raising kids and pursuing the career. However, when you retire you are constantly together when the real problem starts in the relationship.
Most of the couples accumulate assets or funds for their grey days. According to a member of Financial Advisors Association of Canada, Jason Abbott who also runs private practice in the city, when the separation issue comes up, the accumulation is chopped invariably into half, which was earlier expected to be shared between two people. In addition, suddenly, the assets do not seem enough to support you as far as you had thought. Abbot has said that dividing of RRSP can be simple, as easy as signing a paper or document. However, complications arise when the two partners do not agree on the division of assets. This is more often, where only one person has been the main breadwinner.
Factors To Consider
Both the partners should keep in mind that even though one partner is technically the owner of a particular asset, it does not mean that other partner is not entitled to claim a share in it. Another factor according to Abbot that should never be overlooked while dividing the assets is that since both of you are seniors the potential of the RRSP to grow in the posterity is very less. Both of the partners cannot think of gaining through investment appreciations waiting for decades. Hence, the partners should gain knowledge about the shared finances so that both get fair share in the end.
For more information and latest updates on small and medium enterprises, investment options, and financial advice and even about the retirement plans, employment, finance options, educational programs, loan options, credit card advice and service for consumers be smart and log on to http://www.thedollartimes.com
Thedollartimes.com provides latest and quality information on how to invest money, short-term long-term bank investments, and payroll tax cut 2013 and calculator.
For information on latest stock and investment market moves, international investment options and savings associations get in touch with thedollartimes.com
The Dollar Times
admin@thedollartimes.com
Unit 209 12830
80th Avenue
Surrey BC
Canada V3W 3A8
Tel - 604-537 3402