Economic improvement leads to more divorce filings

It’s not just economic improvements such as increased job opportunities, fewer bankruptcies, and more homes built and bought which are impacted by an economic rebound. According to a receive report from RTV Channel 6, divorces may also be on the rise in good economic times.

Economic times can impact divorce

Now that the economy has started to improve, those in the legal field, including court officials and divorce lawyers, are starting to see an uptick in the number of couples who are deciding to call it quits. Now, couples, who may have stayed together because money was too tight in the recession to file for divorce, now have more money available to finally call it quits now that there is economic improvement.

According to reports, “Nationwide, the divorce rate among married women dropped from 2.09 to 1.95 pecent, but began to climb in both 2010 and 2011,” evidence that the economic improvement may have contributed to a spike in the divorce rate.

According to one California lawyer, the increase in divorces became obvious several months ago just as we saw economic improvement. This information is also affirmed by a recent study published in Population Research and Policy Reviews. In their study they found, “Fewer couples nationwide split during the recession and may have been waiting until they could afford to file for divorce.”

Recession forced couples to live together

According to experts, divorces really stalled when the housing market crashed. People who lacked equity in their homes or who lived in a market where homes sales stalled realized they couldn’t sell their homes and were forced to remain together, often living in the same house.

Now, as the housing market improves and the equity in the home increases, couples are realizing if they do decide to divorce, not only can they actually sell their house, they may be able to get half of the equity of the home.

Why do couples divorce?

There are a variety of reasons couples decide to divorce. Common reasons include sex, money, and power, but the number one reason is financial stress. Financial stress adds pressure, which can lead to fights. Now, as the economy improves, couples feel wealthier. Their investments are improving, their house prices are higher, and they have more job opportunities. In their minds, now is the time to get out of a destructive relationship.

How much does a divorce cost?

Divorce is not cheap. In fact, filing fees, lawyer and court costs can add up to $10,000, and that’s for a simple divorce. If you have property and complicated spousal support and child support issues, which you cannot settle amicably with your spouse, the costs could be much higher.

How long will it take to divorce? The times can vary from 60 days to two years. If you and your spouse cannot agree on the main divorce issues and have to battle it out in court, the amount of time to complete your divorce is substantial.