Rising economy sees rise in divorce filings
While some divorce filings are sudden and leave a spouse blindsided, others happen after years of constant struggle and dwindling affections. But because you can’t always predict the timing of a separation, some people find their divorce coming at a very unwanted time. Such was the case for couples across the nation, including here in Florida, during the Great Recession.
Because of the poor state of the economy and the dismal housing market, many couples forewent the divorce process and toughed out marriages they would rather have ended. But with the economy recovering and the housing market in an upswing, a large number of couples are considering divorce once more.
According to recent statistics from the U.S. Census Bureau, the number of divorce filings has been on the rise since the recession ended, with 2.4 million divorces in 2012. The increasing number of divorces has also encouraged more women to enter the labor force and has led to an increasing need for home goods such as furniture and appliances, which is further driving the economy.
But as readers of our blog know, increased incomes plus a divorce can be a problematic equation, especially when it comes to property division. With the housing market improving, especially here in Florida, some couples may have real estate investments that are worth more now that they were at the peak of the recession. Along with these investments, stock options and retirement accounts may have also improved, which can lead to contentious disputes over who gets what and how much.
While some couples may be hesitant to seek legal counsel, others have found it incredibly helpful in situations like this. A skilled attorney can often help you through many of the disputes that can arise during the divorce process.
Source: Bloomberg Personal Finance, “Worsening U.S. Divorce Rate Points to Improving Economy,” Steve Matthews, Feb. 18, 2014