The Ledger.com has posted an article that discusses how the recession and the real estate market’s collapse have impacted the divorce rate in the US. For example, in 2008 the divorce rate in Orlando, Florida was at 7% but rose to 12% in 2010.
Divorcing couples usually cite financial hardship as the reason for their split, but during an economic recession, such as 2007-2009, couples usually “hunker down” and rely on each other to get through. However, this “hunkering down” has historically led to an upturn of divorces as soon as the economic outlook improves, as people are reluctant to divorce when everything is going so badly economically and when the housing market has plummeted and led to a huge rise in foreclosures.
“When the economy goes down, many people just don’t have the money or will to do it (divorce),” he said, “but when they feel that financially they can get out of a bad marriage, they’re more willing to take on the fight.”
“There’s a sort of pent-up demand for divorce after people get through tough times,” he said. “We saw that in what happened after the Great Depression, when the Depression lifted and divorce increased toward the end of the 1930s.”
More wealthy couples are divorcing too, not because of the economy, but rather because of their financial portfolio. The bottom line is that the recession has affected everyone- rich or poor- and has certainly caused financial worries.
“I think the biggest mistake people make when things start to go downhill is waiting too long to seek help,” she said. “They should seek professional help sooner rather than later — don’t wait too long. There’s no shame in having financial problems. Many people do these days.”
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