We have all been affected in some way by the recent Covid-19 pandemic – some more than others in their personal lives and/or their business. Separating families are on the rise and too many families have realized that their marriage or relationship is over and they need to separate. Some are separating now and others are waiting.
Separating families are a reality during this pandemic. Many people have really been affected financially and prior to Covid-19 they were just getting by. Separating families feel the financial pressure even more and often don’t realize there are solutions.
Divorcing is not easy at any age, but divorcing later in life can seriously impact one’s finances. For seniors, divorce can mean emotional freedom but not necessarily financial freedom.
There has been a significant increase over the last decade in the number of people over the age of 60 getting what is now referred to as “grey divorces”.
In a recent article lawyers say that Canada is expected to see a spike in divorces as the courts reopen.
We feel very fortunate that we’ve been able to help quite a few people and their families with their financial challenges and we wanted to share some of their examples with you:
Case Studies of Separating Families
- A retired couple wanted to separate, however, they couldn’t afford to live the lifestyle they’re accustomed to when apart. After much consideration and many financial discussions with us, they found an incredible solution that was perfect for them. Their beautiful bungalow has a walkout basement and they’ve decided to put in a kitchen and update the existing bathroom. He will happily live there and she’ll live upstairs. They’ll continue to have family dinners and holidays with their children and grandchildren as they do love each other but they just can’t live together anymore.
- A now single lady had accumulated $150,000 of debt as she had co-signed loans for her then common law boyfriend. After meeting with us, her debt was reduced to $40,000 and she’s paying it back easily at $300/month.
- A couple in their early 40’s had a lot of debt and were trying to separate but couldn’t afford to, as she had been laid off. After meeting with us, they sold their home and bought a duplex close to where they were living so the children won’t have to change schools. They both have no debt now. They each have an emergency fund and are still saving for their retirement.
- A couple with teenagers and a lot of debt were separating. After meeting with us, they refinanced their home that she now lives in with the children and he bought a townhouse within walking distance to them. They separated with no debt. They each have an emergency fund and enough money to start their new lives.
- A couple in their mid 50’s were separating. Their children were no longer living at home. After meeting with us, he kept the home and she bought a condo. They both have no debt. They each have an emergency fund and she has $325,000 in savings.
- A retired couple in their mid 60’s were separating. Their children were no longer living at home. After meeting with us, they sold the home and he bought a condo. She bought a bungalow with her girlfriend, a close friend who was also single. They both have no debt and each have over $200,000 in savings.
The Blackmore Levy Group are not Lawyers, Mediators, Accountants, Trustees or Realtors. We collaborate with these professionals, as we work with them collectively, on building our clients’ new Financial House.
The Blackmore Levy Group is a Full-Service Financial Brokerage that specializes in building or re-building your Financial House, the right way. We sit down with you and gather all your financial information, the good, the bad and even the ugly, so that we can custom design a personalized blueprint of your new Financial House.
So, if you or anyone you know is separating and needs some financial help or advice, please don’t hesitate to call us at 1.888.520.6520 or connect with us via email. It’s a free, private and non-judgemental consultation. We are here to help you, your friends and your family. Stay safe and be healthy xx