RECOVERING ECONOMY LEADING TO RISING DIVORCE RATE IN US

According to recent research, the burgeoning economy may have more positive effects than those clearly visible to most Americans. Many people are likely appreciating increased job security and potentially even higher raises than they were accustomed to during the recession. These financial benefits are affecting people in their personal lives, as well, based on data from the U.S. Census Bureau.

As people have enjoyed greater financial stability, they have increasingly felt the ability to end marriages that are no longer productive. Researchers at the University of Maryland conducted a study on the impact of the recession on divorces and concluded, "Some divorces were delayed or forestalled by the recession."

During the recession, the number of Americans who filed for divorce fell significantly, based on data from the National Center for Health Statistics. In total, the researchers estimated that approximately 150,000 divorces were put on hold from 2009 to 2011 as a result of the recession.

The percentage of Americans getting divorced had been rising steadily since about 1940. By 2009, however, divorces in the United State were at the lowest rate in 40 years. As the economy suffered, many people in unhappy marriages were forced to put divorce on hold, as they worried about the financial impact it would have on what were already stressful financial times.

Since the economy has improved, however, couples no longer feel forced to remain in relationships that are no longer successful. According to the data from the U.S. Census Bureau, the divorce rate rose for the third consecutive year in 2012. In total, 2.4 million Americans got divorced that year.

As the economy has improved, home values have started to increase again, which also helps those looking to end their marriage. When dividing assets during a divorce, the value of the family home is particularly important. For families with underwater mortgages during the recession, the prospect of losing money on the sale of their home was financially impractical. As home prices have started to return to pre-recession values, dividing property during a divorce is more feasible.

If you have been considering divorce, but have not been certain whether it was financially possible due to the economic constraints of the recession, it may now be a good time to revisit those plans. Consult with a skilled family law attorney to determine how best to proceed with a divorce.