When the economy took a turn for the worse a few years ago, the divorce rate also went down. In fact, the number of divorces filed in 2009 was the lowest seen in the United States in forty years according to the National Center for Health Statistics. This came after the rate of divorces more than doubled in the years between 1940 and 1981. When the economy faltered in 2009, divorce rates fell by a third.
Since that time and as the economy has improved, the rate of divorce has slowly risen. In the last three years, the number of divorces has steadily increased; in 2012, there were 2.4 million divorces.
When faced with economic uncertainty, couples may put off divorce and other life-changing events. The fact that house prices are starting to go back up can help those who are divorcing to sell and divide the proceeds from the sale of the marital property instead of being stuck in a place that they are upside down in.
A Florida couple who have been putting off filing for divorce are finally able to do so with the improving economy. The two ran a business together and could not afford to separate as it could have been detrimental to their business.
If you have been unable to afford a divorce due to the downturn in the economy and uncertain financial times, you may wish to reconsider now that things are starting to improve. A consultation with a divorce attorney could be beneficial to you to ensure that your interests are protected.
Source: Bloomberg, "Worsening U.S. Divorce Rate Points to Improving Economy," Steve Matthews, Feb. 18, 2014