Many couples living out this recession have cut back on eating out, new cars and fancy vacations. According to an article in the New York Daily News, some couples have cut back on divorce. The American Academy of Matrimonial Lawyers polled its 1,600 members, and almost 40 percent said their filings were down. Additionally, the National Marriage Project released a study in December 2009 which showed divorce rates were down for the first time in five years.
The recession has definitely affected divorce rates. Is it because couples have enough to worry about in their life without contemplating a new life without their spouse? Or is it financial?
Probably a bit of both. But in a time when bank accounts are dwindling and home values have dropped, some people might not be in a hurry to split those declining assets into two. Yet, for others, our depressed economy could present an opportunity. Business owners who expect their companies to survive the recession and even flourish down the road, may be able to buy-out their spouses at a bargain price.
It seems that in times where money is tight and home values are “under water”, divorce becomes a luxury. Divorce rates dropped drastically during the Great Depression for many of the same reasons.
Perhaps there is a silver lining to all this in that some couples will end up working out their problems while waiting for the economy to turn around before they divorce. Or perhaps as soon as the Dow starts to rocket, so will divorce rates.
Michael C. Craven is a partner at Beermann Swerdlove LLP. He draws on his previous experience as a tax attorney to negotiate and litigate complex financial issues in matrimonial cases. He can be reached at (312) 621-1230 or via email at mccraven@beermannlaw.com. View his Divorce Magazine Profile and blog.
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