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According to recent reports, divorce rates tend to go up during times of recession and they tend to get uglier.
Divorce is always hard to endure; however, when markets are bare and the country is in a state of recession, going through a divorce can be even more complicated and straining.
Divorce Experts Speak Out
This latest divorce trend, which is blamed on recession, is due to the fact that during times of financial strain, positive or negative, couples are at an increased risk of divorce.
“Recession has always been a factor raising divorce rates,” says Gary Becker, from the University of Chicago Business School.
The risk can be increased even more when income changes are unexpected.
Unemployment and Divorce
Reports claim that in Michigan the unemployment rate is currently the highest with 8.5 percent of workers becoming unemployed in May.
“Some of my middle-aged clients, both men and women, have had to move back with their parents,” explains Jane Fahey, a financial and retirement planner.
A couple’s house is typically the largest asset between them during a divorce and when the economy is regressing, the factor of dividing it becomes more complicated.
Are you thinking of getting a divorce? Please contact one of our experienced divorce attorneys today to get the legal guidance you need and deserve.