Canadians Face Same Divorce Challenges as Americans

Although Canadians don't have as high a divorce rate as Americans, they can be as affected financially by it as we are.

A recent study showed that less than 20 percent of Canadians actually felt the financial backlash of divorce. Based on a survey commissioned by a retirement institute, the group that feels the most financial pressure post-marriage is divorcees or older widows between the ages of 67 and 80. Women in this group saw a median drop in income by 37 percent.

When asked about what type of finances are affected by divorce, the survey found that 53 percent cited the matrimonial home, 17 percent discussed pensions, 13 percent had investments to consider and just 4 percent cited personal items. In general, finances are one of the primary reasons why couples decide to divorce in Canada, which is a similar matrimonial problem that Americans contend with as well.

Considering divorce? Now is the right time to discuss your wishes with a family law attorney.