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Couples Free To Split As U.S. Economy Improves

On March 21, 2014 by

With Florida’s economy and housing market recovering, more couples who had to put off divorce because of finances are now able to separate and get on with their lives.

People are finding it easier to land new jobs and more women are entering the labor force, giving them the financial freedom they need to stand on their own.

The number of Americans getting divorced rose for the third year in a row to about 2.4 million in 2012, after plunging to a 40-year low in June 2009, according to Census Bureau data.

Divorces were at a 40-year low in 2009, when the 18-month recession ended

With more divorces comes the formation of new family units, bumping up the demand for housing, appliances and furnishings.

Newly single men have been renting apartments in suburban markets as they seek to stay close to their children – giving that rental market the boost it needed.

Marriage and divorce rates have been tied to unemployment. Each one percentage point increase in the jobless rate is associated with a 1.5 percent decrease in the marriage rate and 1.7 percent drop in the divorce rate, according to Jessamyn Schaller, an economics professor at the University of Arizona.

People living in prosperous economic times may feel more independent and take that life-changing step and seek a divorce. All divorce proceedings aren’t equal however. There’s a widely-held belief that filing divorce will cost an arm and a leg. Every couple’s circumstance are different. Some couples are able to remain amicable which can help mitigate costs. Other couples have complex assets or debts that increase the costs of the split. Some couples select collaborative or mediation options to resolve their divorce which keeps them out of court and leaves more money in their pockets.

Eric Klein

Eric is the Principal Attorney and President of Klein Law Group. He has spent over 25 years practicing law and guiding clients through some of the most challenging times of their lives.