Some important divorce considerations in the post-recession economy

On Behalf of | May 16, 2015 | Family Law

Arriving at the momentous decision to pursue a divorce is typically not an easy process for most people. That’s largely because they must not only deal with a host of conflicting emotions, but also ponder how the next post-divorce chapter of their life might look.

Interestingly enough, however, this decision was much easier in recent years, as the economic tumult of the Great Recession and its lingering aftermath led many couples to put off pursuing a divorce given that it could be financially detrimental to them both.

Fast forward to the present and things have changed dramatically, as the stock market has rebounded and employment numbers are remarkably better.

Indeed, many experts have indicated that this shift in our nation’s economic climate has many people actively reconsidering the divorce process, as they are now more comfortable with the notion of financial independence.

According to these same experts, however, those spouses now looking to pursue a divorce must still proceed with caution even though the emotional and financial obstacles of the past are no longer blocking the road ahead.

For example, with home prices now climbing upward, a spouse may be very tempted to not only pursue a divorce, but also try to keep the marital home as part of the final divorce agreement. Whether this is done to help ease the adjustment for children, out of sentimentality or an eye toward making a profit in the future, experts warn that it can rapidly prove to be much more expensive proposition than originally anticipated.

That’s because a spouse will now rely primarily on a single income and the costs of home ownership (property taxes, maintenance, utilities, etc.) can be relatively steep.

A better strategy, they argue, might be to take advantage of market demand and simply sell the home, splitting the profits evenly.

To learn more about important divorce considerations in the post-recession economy or other family law matters, consider speaking with an experienced legal professional as soon as possible.