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What to know about gray divorce

On Behalf of | Aug 23, 2021 | Family law

If you get divorced after the age of 55, it will likely be considered a gray divorce. According to researchers, older Americans in Indiana are significantly more likely to end their marriages than those who are under the age of 55. There are several reasons cited by those who study the issue as to why this is the case.

The concept of marriage has changed

During the 20th century, marriage was seen as a convenient way for people to have their needs met. Men would typically rely on their wives to keep the house in order while women would rely on their husbands to provide for their financial needs. However, today, individuals prefer to engage in true partnerships with their spouses. It’s also worth noting that there is less of a stigma against divorce, which means that those who married for reasons other than love are more likely to move on to new relationships.

People change over time

It’s no secret that your needs, desires and views change over time. Therefore, after several decades, you may begin to feel as if you’re no longer compatible with your current spouse. As the human lifespan increases, you may feel as if it’s worth it to find a new partner even as you enter the final third of your life.

Some choose to divorce for financial reasons

Obtaining a divorce can be an effective way for an individual to be free of a spouse’s medical debts upon that person’s death. In some cases, divorcing a spouse may make it easier to qualify for government assistance programs. Finally, it may be possible to reduce your income tax bill by filing as a single person as opposed to filing a joint return.

Regardless of why you choose to end your marriage, it’s important to have a plan for life as a single person. This may include creating your own budget, deciding whether you want to stay in the marital home and determining how the end of your marriage may impact your ability to retire.