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Economy and divorce rates may be closely connected

The nationwide recession over the last few years has affected everything from retail sales to the divorce rate. In fact, a newly released study has determined that as the economy recovers, the divorce rate may actually be increasing as well. Nevada residents, especially those who have been waiting to begin the divorce process, may be interested to know how the two are connected.

There are many reasons why Nevada couples may be waiting to proceed with a divorce. Even though there are ways to navigate through the legal process of dissolving a marriage without accumulating lots of legal expenses, there are still costs associated with the process. When economic times are difficult, couples may not be able to afford a divorce. Additionally, it may be difficult to sell a house. Home values typically go down during a recession and divorcing couples could lose money from a sell.

As the economy recovers, home values increase and the amount of equity in many homes will increase as well. This could provide encouragement to couples looking to sell their homes and separate. With divorce costs averaging from a minimum of $500 to $10,000, some couples may be forced to stay together out of convenience. Recently, there has been a steady increase in the percentage of couples filling for divorce, possibly due to improving financial conditions making the costs of divorce more affordable.

As the economy recovers and more couples are able to explore the option for divorce, it may be in their best interests to begin to consider issues such as asset division and child custody. For issues that cannot be worked through in a timely manner, mediation or negotiations can be viable means for them to be resolved. Before entering into the complex and serious legal process of a divorce, it may be best for a spouse to completely evaluate all of his or her options.

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

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