Fewer Zoomers saying 'I do'

And now, as reported by Canwest News Service, recent census figures show a huge increase in common law unions among 50+ Canadians, with the most significant growth among people in their early 60s.

Between 2001 and 2006, the most recent year for which census data is available, the number of Canadians in common-law relationships increased by a whopping 77 per cent among those ages 60 to 64. All other age groups over 50 saw an increase between 44 and 64 per cent.

Interestingly, at the same time, cohabitation has flatlined or even declined among twenty- and thirty-somethings. It seems the children of boomers are more likely to go the traditional route and say, “I do” than their parents.

But experts say many boomers are reluctant to walk down the aisle not only because of their liberal social attitudes. A certain ‘been there, done that' attitude prevails among many whose marriages have ended in divorce. And when you consider that there's no real financial incentive to marry, for many ‘shacking up' seems a sensible option.

“There is little tax, financial or retirement benefit to traditional marriage over common-law marriage,” Patricia Lovett-Reid, senior vice-president at TD Waterhouse Canada, told Canwest.

A financial arrangement attractive to many older couples

When it comes to finances, the main difference between conventional marriage and common law unions pertains to house ownership. Whereas conventionally married couples have equal rights to possession of the matrimonial home, common law rights are restricted to properties for which someone holds a deed or helped to pay for.

In other words, if you've bought something, you own it. If it's a joint purchase, it is jointly owned -- and will need to be divided if a couple separates.