Will an improved economy mean more divorces?

On Behalf of | Apr 9, 2015 | Property Division

It’s been roughly seven years since the major economic collapse occurred that is now widely known as the Great Recession of 2008. When the housing market tanked, banks followed along with other national and global markets. Companies went out of business, people lost their jobs and the entire nation braced for the difficult economic times that followed.

Across the country and in states like Minnesota, families that previously relied on two incomes were affected by widespread layoffs and forced to cut spending and live on substantially less. Consequently, with the declining economy also came a decline in the national divorce rate with, according to a University of Maryland researcher, 150,000 less divorce filings being reported for the years 2009, 2010 and 2011.

Research shows that money and financial problems are a major source of marital strife. When a spouse loses a job, the entire family is impacted as financial burdens quickly multiply. In cases where a marriage was already shaky, a job loss and the resulting debt that often follows may prove to be too much for spouses to overcome. Even in cases where spouses were previously happy, a job loss may result in the affected spouse experiencing problems with substance abuse, drugs and depression; all of which can adversely impact a marriage.

Unfortunately, even though some couples were likely unhappy during these difficult economic times, they stayed together for financial reasons. Fast-forward to 2015 and the economic situation of many individuals and couples has greatly improved. The same, however, may not be true of their marriages.

Concerns and fears about finances are often top-of-mind for individuals going through a divorce. In some cases, such fears and concerns may prevent an unhappy spouse from filing for divorce. For individuals who are in this situation, it’s wise to seek the advice and assistance of a divorce attorney.

Life is too short to live in an abusive, lonely or unhappy marriage. A divorce attorney will fight to help ensure that an individual receives his or her fair share of marital assets and will work to provide for both one’s immediate and future financial security.

Source: Communities Digital News, “As the economy improves, divorce rate will increase,” Myra Fleischer, April 6, 2015