Latest news with #PensionBenefitsAct
Time Business News
08-05-2025
- Business
- Time Business News
The Role of Divorce Lawyers in Cases Involving Seniors or Late-Life Divorce
In recent years, 'grey divorce' — a term used to describe the increasing number of divorces among couples aged 50 and over — has become more common across Toronto and the rest of Ontario. Whether due to retirement transitions, empty nest syndrome, or simply growing apart after decades of marriage, many seniors are choosing to part ways later in life. According to national statistics, the divorce rate among seniors has been steadily rising, even as the overall divorce rate in Canada declines. For seniors in Toronto, late-life divorce presents unique legal and personal challenges that differ significantly from those faced by younger couples. Emotional hurdles such as dealing with loneliness, redefining identity after decades in a relationship, and managing relationships with adult children can be deeply complex. A Toronto divorce lawyer with experience in senior-focused cases can provide not just legal guidance, but emotional support through compassionate and tailored advice. Financial concerns are also a major factor in grey divorce cases. Seniors are often retired or close to retirement, which means income sources may be fixed, such as pensions, RRSPs, or government benefits. Dividing retirement savings, spousal support, and determining the future of jointly owned property—like a matrimonial home—requires careful legal strategy. An experienced divorce lawyer in Toronto can help seniors avoid long-term financial instability by crafting fair, forward-looking agreements. Finally, health-related challenges may also influence divorce proceedings. Issues such as chronic illness, caregiving responsibilities, and long-term care planning often intersect with divorce negotiations for older adults. These considerations make it essential for seniors to work with a Toronto-based divorce lawyer who understands how to balance legal rights with complex life realities. As the trend of grey divorce continues to grow, so does the need for legal professionals who are equipped to handle the distinct needs of older clients. Seniors going through divorce should seek legal counsel from a divorce lawyer in Toronto who brings both legal expertise and an understanding of the unique challenges of later-life transitions. A skilled divorce lawyer in Toronto plays a vital role in untangling these complex financial webs and ensuring a just outcome. For older couples, pensions and retirement funds are often the most valuable assets. These may include employer pensions, RRSPs, CPP credits, and other retirement investments. A Toronto divorce lawyer will assess the value of each spouse's pension entitlements, ensure proper valuation methods are used, and help divide them in accordance with Ontario's Family Law Act and Pension Benefits Act. In addition to pensions, couples may hold diverse investment portfolios—such as mutual funds, stocks, GICs, and even joint business ventures. Deciding how to split these without incurring undue tax penalties or compromising income streams requires careful legal and financial planning. A knowledgeable divorce lawyer collaborates with actuaries, financial advisors, and tax specialists to safeguard a senior's long-term financial health. From matrimonial homes to vacation properties and rental investments, older couples may have multiple real estate assets. Determining the value and ownership of each, especially if titles are joint or if properties were inherited or acquired before marriage, adds complexity to the process. In many cases, the matrimonial home is the most emotionally and financially significant asset. Seniors may wish to keep the home for stability or may be forced to sell it to support retirement needs. A Toronto divorce lawyer can guide clients through equalization payments, property transfers, and buyout options—ensuring that decisions are fair, practical, and in line with both parties' post-divorce needs. Unlike younger individuals who have time to rebuild wealth after divorce, seniors often face limited income opportunities. That's why asset division must be handled with a view toward sustaining financial independence for both parties. A Toronto divorce lawyer helps by: Negotiating equitable settlements that prioritise stability over short-term wins that prioritise stability over short-term wins Minimizing tax exposure during asset transfer during asset transfer Ensuring access to ongoing income through spousal support or pension sharing agreements By addressing these concerns with foresight and experience, Toronto divorce lawyers empower seniors to maintain dignity, security, and peace of mind as they enter the next chapter of their lives. A seasoned divorce lawyer in Toronto understands how to navigate this delicate issue with both precision and compassion. When seniors separate, traditional support models based on employment income may not apply. Instead, courts consider the total value of retirement income streams—including Canada Pension Plan (CPP) benefits, Old Age Security (OAS), private pensions, RRIFs, and investment income. A Toronto divorce lawyer helps determine: Whether spousal support is appropriate given each spouse's current and future financial resources given each spouse's current and future financial resources How support should be structured —lump-sum, periodic payments, or tied to pension entitlements —lump-sum, periodic payments, or tied to pension entitlements Whether one spouse sacrificed career opportunities during the marriage (e.g., to raise children or support the other's career), creating a case for compensatory support Given the limited earning capacity of seniors, long-term support arrangements must account for affordability, life expectancy, and the need for continued financial independence. Health issues often take centre stage in grey divorce. Chronic illnesses, disabilities, and mental health conditions can complicate the separation process, especially when one spouse has served as a primary caregiver. A Toronto divorce lawyer plays a vital role in: Advocating for fair compensation for past caregiving efforts for past caregiving efforts Ensuring health-related expenses (medications, mobility devices, in-home care) are included in settlement agreements (medications, mobility devices, in-home care) are included in settlement agreements Assisting with planning around long-term care facilities, particularly if financial support is needed for placement or medical costs These concerns are not just financial—they are deeply personal. Seniors may feel anxious about losing support at a vulnerable stage in life, and that's where the empathy and strategic thinking of a divorce lawyer becomes essential. Grey divorce isn't just a legal event—it's a major life transition. Seniors often need more than a lawyer; they need someone who can listen, understand, and guide them through emotionally and medically sensitive territory. A divorce lawyer in Toronto who specializes in late-life cases provides: Clear explanations of rights and responsibilities of rights and responsibilities Tailored solutions that factor in health, income, and family dynamics that factor in health, income, and family dynamics Peace of mind that every legal and personal detail has been considered With the right legal guidance, seniors in Toronto can move forward confidently, knowing their health, finances, and dignity are protected. Older adults may have unique preferences when it comes to how they receive information and make decisions. A divorce lawyer experienced in senior-focused cases will adapt their communication style to ensure clients feel heard, respected, and supported. This includes: Taking the time to explain legal concepts in plain language Offering in-person meetings or video consultations based on comfort and accessibility based on comfort and accessibility Being mindful of any cognitive, sensory, or physical limitations that may impact the legal process Respectful communication helps senior clients stay engaged and informed, empowering them to make decisions with clarity and confidence. Late-life divorce often requires a collaborative approach. A divorce lawyer may work closely with: Financial planners and accountants to manage pension division, estate planning, and tax implications to manage pension division, estate planning, and tax implications Healthcare providers to understand long-term care needs or capacity issues to understand long-term care needs or capacity issues Adult children (with consent) to provide additional emotional or logistical support during proceedings This holistic coordination ensures that every aspect of the senior's well-being—legal, financial, medical, and familial—is addressed with care. Divorce at any age is difficult, but the consequences for seniors can be particularly far-reaching. From downsizing homes to adjusting retirement plans, the stakes are high. That's why seniors in Toronto should seek out a divorce lawyer who has direct experience with grey divorce cases. An experienced Toronto divorce lawyer offers: Strategic legal guidance tailored to older adults tailored to older adults Compassionate support through complex family dynamics through complex family dynamics Knowledge of senior-specific issues, including pension splitting, elder care, and spousal support in retirement TIME BUSINESS NEWS
CBC
21-03-2025
- Business
- CBC
Liberal government moves to repeal PC legislation forcing unions into new pension plan
Social Sharing The New Brunswick government is ending a two-year fight with CUPE and repealing legislation that would have forced five unions into a shared-risk pension plan. The Pension Plan Sustainability and Transfer Act was passed in late 2023, after Blaine Higgs, the Progressive Conservative premier, failed to get the unions to sign on to the shared-risk idea. The new act established a process to transfer designated pension plans to shared-risk plans already registered under the provincial Pension Benefits Act. It sparked debate and protests and led three unions to challenge the legislation in court, arguing it interfered with their right to free bargaining under the Charter of Rights and Freedoms. WATCH | 'The place to negotiate is at the table, not in the legislature': N.B. government introduces bill to repeal controversial pension legislation 45 minutes ago Duration 1:27 Susan Holt's Liberals are repealing legislation brought in by the former Blaine Higgs government that would have pushed five public-sector unions into a shared-risk pension plan. Higgs touted the legislation as necessary to fix a $265-million shortfall in the pension fund. René Legacy, who became finance minister after Susan Holt and the Liberals were elected last fall, says introduction of a bill Friday to repeal the shared-risk legislation is a campaign promise met. "We want to bring back respect with our workers, with our government employees," Legacy told reporters at the legislature. "We had a pretty healthy debate when this was brought in, and we've always said the place to negotiate is at the table, not in the legislature." Legacy said the transition to transfer pensions hadn't started yet, so it's now a matter of going back to the negotiating table. "To the best of my knowledge, I'm not in the depths of those Treasury actions, but I've been told that nothing has been moved over," he said. "It was still being litigated as far as I know." Locals 2745 and 1253 of the Canadian Union of Public Employees and the New Brunswick Council of Nursing Home Unions filed a legal challenge to the Higgs legislation last February. Legacy said even with the repeal, the government can't go back to the unions' earlier pension plans, which had problems. The goal is to find a plan that's sustainable for workers, government and taxpayers. Union presidents present at the legislature Friday praised the decision to repeal the controversial act and said it was a sign the new government is willing to collaborate with its workers. "This government is willing to work with labour and identify that (the Hilggs legislation) actually stripped and violated our rights as a union, and we're pleased to see this come forward today," said Sharon Teare, president of the New Brunswick Council of Nursing Home Unions. Sandy Harding, CUPE's regional director for the Maritimes, said the repeal goes deeper than pensions for three union groups. "This is a big day for us in this province and this is a big day across Canada that a government will respect the rights of free collective bargaining," she said. Harding said legal action taken against the New Brunswick government will be withdrawn once the repeal process is complete. Iris Lloyd, president of CUPE Local 1253 representing the New Brunswick Council of School District Unions, said she is ready to negotiate now that some trust in the provincial government has been restored.
