In the last few years in the slump of the recession, many couples were forced to stay together because divorce was too expensive. Divorce is not cheap these days and if you are having trouble making your house payments or one spouse is out of work, then getting a divorce is not always financially possible. The economy has since improved and the house market is beginning to go back up. However, as the economy begins to build back up there has also been a significant increase in the number of divorce petitions being filed.
This is certainly an unexpected result because more money does not necessarily lead to marital unhappiness. Now that people have more money, divorce is an affordable option and they feel more confident that they can make it better on their own.
Before the slump of the recession, house market prices were high and when you divorced you were able to split and share your assets. However, during the recessional the house market plummeted and homes were worth a lot less. To divorce and sell your home during a recession would result in a great financial loss for couples and it was not considered a wise move.
As we climb out of the recession, the housing market has skyrocketed back up and on top of that, interest rates are at an all-time low. This has given more couples the money and the opportunity to file for divorce because it does not come at such a high financial cost to them. Now couples can divorce and sell their home and actually make a profit, where two years ago it would have been worthless in comparison. Interestingly enough, this trend also occurred in Britain back in 2008 when their economy was in financial crisis. Divorce rates were at an all-time low because no one could afford to get divorced.
If you or someone you know is considering filing for divorce, be sure to get an experienced family law attorney on your side. Contact Stephen F. Thompson, Jr., Attorney at Law today!