Lorne MacLean, Q.C., founder of the highly rated* MacLean Law handles hundreds of complex, later in life middle age separations and divorces. The “grey divorce” wave has hit Canada and BC and a significant portion of our Vancouver high net worth family separation practice relates to wealth preservation strategies at the end of a long term relationship or start of a new relationship later in life.
We deal with division of companies, businesses, partnerships, professional practices, books of business, goodwill, stocks, options and other lucrative assets and high income issues.
In cases where other investors or partners or lenders are involved, your family lawyer will be called upon to finesse a settlement that leaves your financial empire unscathed. Make sure they are up to the challenge.
A recent Globe and Mail article noted that:
“According to Statistics Canada, “grey divorce” has been steadily growing among those 55 and over, with rates expected to increase as more people continue to age.
As baby boomers — their children grown and moved out of the family home — reach the retirement-age threshold, divorces among couples 65 years old and older are becoming more and more common, according to Statistics Canada numbers that pre-date Wednesday’s census release.
In 2008, there were 1,237 divorces among women 65 and older, 2,486 among men of that age and 852 divorces where both partners were over the age of 65, the agency’s figures show.”
In past decades, the divorce rate for people aged 50 and over has become the fastest growing rate among married couples and studies show that divorce or separations amongst middle age couples sometimes referred to as “grey divorces”, now exceed 25% of all divorces. It is also clear that these divorces involve higher financial stakes as the wealth accumulated by the couple and their income earning power is at peak levels.
Vancouver high net worth and wealthy couples may own or operate commercial property or a successful business, have stock options, retirement accounts or other financial assets. These assets and income streams from high paying jobs can bring fulfillment to life but can make dividing assets in a BC separation more challenging.
Our goal at MacLean Law is to minimize disruption and to allow the parties to separate discretely in a way that leaves them both better off emotionally and secure financially.
When you add in issues of:
- income taxes, capital gains taxes and how to get money out of businesses or RRSP’s with the least tax;
- looming retirement and how that affects spousal and child support;
- private pension division;
- the often aggravating factor of remarriages and how this impacts spousal support;
- the arrival on the scene of new and possibly younger partners and fears on how this will impact the former couple’s inheritance planning for their children;
- exceptions to child and spousal support for high income earners;
- self sufficiency objectives for partners leaving long marriages or relationships;
- how gifts and inheritances have been dealt with;
- excluded property calculations dealing with the values of assets from decades ago;
it is critical you hire a seasoned and savvy high net worth family law lawyer like Lorne MacLean, Q.C. or his equally experienced senior associates such as Nick Davies or Audra Bayer.
If you are separating later in life and you are worried about protecting your financial security and the assets you’ve worked so hard to accumulate, you deserve the best legal representation. Call Lorne MacLean at 604 602 9000 or request a consultation today.
