Economy improves, but divorce rate increases?

Tough economic conditions can have a profound impact on Maryland residents from all walks of life. Business owners may find that they need to “tighten the belt” and lay off workers. Unemployed workers, in turn, could lose self-confidence and get depressed about not being able to provide for their families. The whole scenario seemingly has a domino effect. But, according to a recent report, an improving economy, on the other hand, may actually lead to a higher divorce rate.

The report cited evidence that the divorce rate among certain segments of the population decreased from 2008 to 2009, when the economy was still in relatively bad shape, and then increased in 2010 and 2011 as a slight economic rebound began. There could be many explanations for this behavior, but the report asserted that perhaps tough economic conditions actually brought couples closer as they tried to make it through financial challenges.

This would certainly seem to go against what most people commonly hear is the biggest problem for married couples – money issues. The report seemed to indicate that now that America is beginning to see an improving economy, however slight the improvement may be, couples going through all kinds of problems are beginning to take action to dissolve their marriages.

When the decision to get a divorce is made, whether it will be a high-asset divorce or the divorce of a couple without a penny to their name, the couple should move forward with the goal of completing the process as soon as possible. Whatever the impetus for the initial decision, getting through the divorce smoothly will help both ex-spouses deal with future challenges better, whatever those challenges may be.

Source: Los Angeles Times, “Divorces rise as the economy recovers, study finds,” Emily Alpert Reyes, Jan. 27, 2014