The New Year is often a prime time for new divorces. With the holidays in the rearview mirror and year-end business concluded, disgruntled spouses find it is the right time to seek an official end to their marriage. A new study, however, suggests it is not the only reason to expect additional divorce filings in the coming months.
A report out of the University of Maryland found that the recession caused a drastic drop in divorce rates. With the economy on the rebound, though, divorce rates are picking back up. Some local residents in Minneapolis and St. Paul understand the phenomenon.
While it is tempting to believe that less money leads to tighter families, the study concluded that the drop in divorce rates had more to do with spouses being unable to afford a split. As incomes dropped and savings were tapped, the idea of supporting two households and splitting up assets was not appealing. Nonetheless, with income creeping back up and job security on the rise, experts believe divorce ready spouses will begin pulling the trigger on the split.
Taking into account the financial ramifications of a divorce is the prudent thing to do. At the same time, those seeking a divorce should not let the fear of cost prevent them from taking action. Many local residents are pleasantly surprised by the efficiency of the divorce process.
Local St. Paul family law attorneys can help prospective divorcees understand the financial implications of the move. These experts can also work through any disputes that the spouses may be harboring. After everything it laid out on the table, getting through a divorce is not as daunting as many expect.
Source: Los Angeles Times, “Divorce rises as economy recovers, study finds,” Emily Reyes, Jan. 27, 2014