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Study Says More Divorces Are Good News for The Economy

divorce rate, divorce trend, divorce and economy, divorce finances, cost of divorce, DuPage County family law attorneyIn 2012, the number of individuals in the United States who filed for divorce rose for the third year in a row. All three of those years were following a major recession, perhaps indicating a link between economic improvement and the number of people seeking a divorce.

Though bad news for those who do not want a divorce, the upswing in the number of people filing for divorce could be an indicator that peoples' personal financial situations are improving—meaning, those who file for divorce now have the ability to pursue a divorce where perhaps previously poor finances would have prevented them from filing.

When the economy is in a recession, and especially when unemployment numbers are up, people tend to avoid potentially costly big life changes if they can. And it's not just the legal fees people are trying to avoid; for example, couples who want to divorce often have property that should be listed for sale. In the midst of a bad housing market, these couples might decide it simply doesn't make sense to divorce and split finances when they could wind up losing value on their property.

This research might show that during bad times, couples are more likely to “stick it out” and try to make the best of their situation. Once the economy starts to improve, however, couples might consider it a better time to investigate a divorce and make the next move to terminate the marriage (and the joint finances). Other research tends to back up this notion: researchers from the Universities of Maryland and North Carolina found that women without a college degree are more likely to avoid divorce during a recession, since they have a heightened concern about affording a lawyer or finding employment to fund those legal services—not to mention to support themselves post-divorce.

In this climate of economic recovery, you may find yourself facing a divorce or more seriously considering the possibility of a divorce. If this is the case, contact the experienced family lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC today to initiate the planning process, get your questions answered, and discuss all of your options.

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree