How Does The Economy Effect The Divorce Rate?
Close to half of all first marriages end in divorce, and that figure only goes up with subsequent marriages. Many factors contribute to why divorce is the result of a large number of marriages, but the number one reason given is resounding MONEY! In today’s economy, families are facing job loss, foreclosure, collections, bankruptcy and a host of other financial stressors. It follows that divorce or separation can follow the financial fallout experienced by many couples. But not all financial fallout is negative.
A recent story shows how an improving economy can cause an increase in divorce. The reasons why brighter financial futures create an increase in the divorce rate include:
● Once a situation goes south, it continues to go south: this means that one bad circumstance can have a domino effect on other life situations. When finances are tight, tensions are high. When tensions are high, it is hard for couples to maintain a happy marriage. But in tight financial times, some couples decide not to divorce simply because they can’t afford it.
● Increase in home values: as the economy rebounds and home values begin to increase, more couples that have been putting off divorce because they are unable to sell the home and divide the property are now deciding to file. With the ability to sell the family home and reach agreements on property distribution, the rate of divorce is likely to rise.
Putting off divorce until finances improve is a common phenomenon. For some, avoiding divorce due to finances creates more problems than it solves. But a sure sign of an improving economy is a rising divorce rate. The legal team at the Ferraro Law Group knows your finances are your lifeline, and works with you to make sure your financial future is solid.
For more information about divorce, contact a Stuart and Treasure Coast family law attorney with experience. The fee for your fist visit is a flat fee and we work with you for a cost effective result.