Divorce Rate Impacted by Economy

Many couples in Illinois get divorced every year for a variety of reasons. There are many factors to consider when thinking about getting divorced. Where will you live? What will happen to your retirement accounts and property? How will the kids be impacted?

These are all common questions spouses think about when considering divorce. The divorce rate in the United States has remained pretty steady throughout the years, but a new study suggests that the economy plays a bigger role in the divorce rate than previously believed.

The study found the divorce rate in the U.S. declined during the recession, and as the economy continues to recover, the divorce rate has started to increase. The researchers reported that the economy plays a role in the divorce rate, showing that many couples consider the financial impact divorce will have on their lives.

The study claims the divorce rate declined during the recession because couples who wanted to get divorced didn’t want the added expense during an unstable economy. Now that the economy is improving and more spouses have stable jobs, they feel more comfortable filing for divorce and starting a life on their own.

The finding that the economy plays a role in the divorce rate is not that surprising. Spouses have several considerations to make when thinking about divorce, especially regarding their finances. Many spouses may be worried about how their financial accounts and plans will change after divorce due to property division negotiations.

Individuals getting divorced should become familiar with their financial accounts and plans before divorce proceedings. This can help them know how their accounts may be divided and what steps to take to plan for the future.

Source: WAND, “Divorce Rate Picking Up with Economy,” Jan. 30, 2014