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A decade ago, about 10 per cent of their clients were 50 and older. But the firm now says the demographic “constitutes approximately 40 per cent” of their clientele. Interestingly, the age group of 60 and older saw the most significant change, nearly doubling over the past 10 years — although it still remains the minority of cases at the firm.

Getting divorced later in life poses problems that other age groups frequently do not experience. Older couples who split up have often been married for longer periods, which means there can be more assets and liabilities to sort through, complicating the process.

Limitations on future earning potential, especially for those in their 60s and 70s are also a challenge.

“The concern I always have when I’m dealing with a woman or a man in their late 60s (is) they don’t get another chance. They don’t get another career in which to make money,” said Mary Jane Binks, of Ottawa-based Augustine Bater Binks LLP.

With so much at stake from a personal finance perspective, here are some things those who are going through a divorce later in life should keep in mind:

Everything is on the table

While most people know that major assets such as the marital home will be divided, other assets that build up over the course of a marriage are also in play.

“Often the biggest asset in the family is someone’s pension. It’s not the house, It’s the pension,” said Greg Evans of Winnipeg-based Evans Family Law. “Baby boomers tend to have really good pensions.”