Phone: 301-738-7770
Steven J. Gaba, Attorney and Counselor at Law
Phone: 301-738-7770

Is divorce affected by the economy?

As was the case in most of the country, the Maryland divorce rate has been affected by the downturn in the economy. It may seem simplistic to connect the two, but a new study shows that as the economy improves, divorce cases increase. The two are related for many reasons, but mainly because divorce can be costly for most couples.

It is suggested that many couples will stay together during times of financial struggle. This can be illustrated in the recent recession, which impacted many industries, including the rate of those filing for divorce. It may seem cheaper to stay together, and it can be overwhelming to consider divorce in the midst of financial struggles. Therefore, many couples delay divorce because it can be too emotionally difficult during an already strenuous time.

Other reasons that divorces may be increasing is related to the real estate market. Couples who would have to split a home would not get much money, or equity, out of a home that has decreased in value. However, with the rebound in the real estate market, more people find that they can get more from their half of marital property.

It is estimated that divorces can cost as little as a few hundred dollars and range to tens of thousands of dollars. These numbers will differ on a case by case basis, but sometimes, the emotional cost of staying together outweighs the financial benefits. Those Maryland couples who have decided their marriage cannot be saved may wish to investigate their options for pursuing a divorce they can afford, no matter their circumstances. For some, pursuing divorce mediation may be one good method to keep costs down without sacrificing their current and future happiness.

Source: turnto23.cm, Study shows divorce cases are up as economy recovers, Carlos Correa, Feb. 5, 2014

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