Law Offices of Matthew S. Schultz, P.C.

Divorce rate impacted by economy

Does the economy have an impact on the divorce rate in Arizona and throughout the United States? A new study suggests so. The study found the divorce rate is influenced by the economy. Researchers said during the recession, the divorce rate declined. Now that the economy is improving, the divorce rate is increasing. 

Why would the economy play a role in couples getting divorced? The researchers said that during the recession, many couples considered getting divorced but were waiting until they were more financially stable to get divorced. 

The study claims the divorce rate declined during the recession due to financial concerns and more couples not being able to afford divorce. Now since the economy is improving and job market is better, more couples who were thinking about divorce are filing for divorce. Researchers said the divorce rate also declined during the Great Depression because of concerns over the financial impact divorce would have on a couple's life. 

The finding that the divorce rate is impacted by the economy is not that surprising. It also shows why it is important for spouses thinking about getting divorced to consider the financial implications and to make plans for their future after the divorce. 

Spouses should become familiar with their bank accounts, retirement accounts, pension plans, life insurance and other financial accounts before the divorce negotiations so they know what accounts will have to be divided during the property division process. Understanding what assets you have and will have to split can help spouses plan for their future and create a new budget and financial goals for life after the divorce. 

Source: The Huffington Post, "New Study Says Divorce Rates Will Increase As Economy Recovers, "Taryn Hillin, Jan. 28, 2014

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