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A look inside the trend of gray divorce

| Dec 2, 2020 | Divorce |

Many marriages end in divorce. The social stigma that once plagued divorce no longer exists and some believe that may contribute to the end of some marriages.

Other societal shifts may play a role in how many marriages survive through to the death of one spouse and how many end before that time. Divorces among people in their 50 far exceed those from prior decades and beyond provide a unique window into some of these changes.

Expectations for a happy life

Kiplinger explains that more people today may grow up with the belief they deserve happiness in all aspects of their lives compared to people in previous generations. When discontent sets in, this may contribute to a lack of ability to push through or a greater willingness to look elsewhere for the happiness they believe they should experience.

The impact of a prior divorce

According to Psychology Today, second or subsequent marriages fail at a rate far higher than first marriages. Many spouses in their 50s, 60s and older may divorce after having experienced a prior divorce at an earlier age. The complications of blending families often contributes to this.

Financial realities associated with gray divorce

When facing a divorce at a later stage of life, spouses should take the time to assess their complete financial picture. Yahoo Finance indicates this includes their ability to file for and receive Social Security benefits from their prior spouse’s work record. The tax implications of a property division settlement may go a long way toward directing a person’s decisions about how to split up a marital estate.