As the Economy Recovers, Many Predict the Divorce Rate May Actually Climb

It seems to run contrary to logic.  We have all heard that finances are the number one cause of divorce.  In light of this fact, it is easy to assume that the divorce rate would be at its highest in a down economy.  However, new studies reveal that the opposite might be accurate.  Divorce predictors divine that as the economy continues to shakily find its footing and enter a path to recovery, the number of divorces each year will actually increase.

Here is a look at the reasons behind the rise in divorces at a time when the economy is improving:

  1. Falling house prices, rising inflation, and high rates of unemployment may have put strain on the relationship—for some couples, the recent recession, and the ensuing housing crisis, caused the breakdown of their relationship.  Financial woes are the most common cause of divorce, and this downtrodden economy likely left the marriage of many couples in shambles.  Despite agreement between the spouses that the marriage was over, some couples put off filing for divorce for the reason discussed in number two below.
  2. The poor economy forced couples to stay together—during the economic downturn, many couples elected to stay together not out of love or devotion, but because they could not afford to do otherwise.  Many families struggled with underwater homes and joblessness.  A couple’s home, pre-recession, was generally one of the largest assets to divide.  With plummeting home values, divorcing during the housing crisis would have left many individuals with grave financial losses.  Further, if one or more spouse was out of work, it took both spouses pulling together to simply provide for the basic needs of themselves and their children.  Lastly, some couples could not afford the expense of a divorce during the recession times.  Accordingly, the most recent recession likely forced numerous unhappy couples to stay together.
  3. As the economy grows, people can again afford to divorce—the recession pushed many couples to desire divorce, and while the down economy forced spouses to stay married, today’s improving economy has provided them with the financial stability to seek that divorce they have been putting off.  As the housing market continues to rise, couples can once again count on their homes to provide a major source of marital assets.  The rate of joblessness has diminished, so many spouses now feel confident enough in the job market to set out on their own.  Further, more couples can simply afford the cost of divorce.  The number one concern of divorcing parties is the expense.  Divorce can come at a high price, between attorney’s fees, court fees, accountant expenses, and the like.  Obtaining a divorce while the economy was sluggish was simply impossible for some.

For these reasons, many researchers and divorce lawyers predict that the coming years will see a rise in the number of divorces.  This phenomenon is not unique to the United States.  In Britain, divorce rates reached new lows in 2008, just as the country’s economy was devastated by the financial crisis.

If you have made the difficult decision to divorce your spouse, The Law Office of Matthew S. Poole can help.  Matthew S. Poole is a dedicated, compassionate divorce attorney with a stellar reputation in the community and years of experience in the arena of divorce law.  At The Law Office of Matthew S. Poole, we understand that concerns of expense can lead to delay in seeking your divorce.  We are always open and up front about our fees and willing to work with you to see you obtain that divorce you desire.  Call Matthew today at (601) 573-7429 to schedule a free initial consultation.

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