Economic Recovery Boosts Divorce Rates
As a sign of US Economic recovery, data released on an online divorce service, DivorceToday.com, indicates that there were more divorce filings in 2010 than 2009.
During times of recession, people fear for their jobs and financial security and are thus less inclined to go through expensive divorce proceedings and split assets.
Divorce rates dropped by up to 60% in 2009 but have started an upward climb as of the end of 2009, in line with the recovery of the US economy.
Divorce rate figures published by the American Academy of Matrimonial Lawyers indicate that the US has the highest divorce rate in the world, with 4.95 divorces for every 1,000 inhabitants.
There are certainly patterns emerging over the years which indicate that during economic downturn, divorces filings drop off significantly.
The latest figures from the Centers for Disease Control show a massive decline in the divorce rate between 2007 and 2009. In New York State, for example, the number of divorce filings fell from 51,626 to 41,899.
With the potential cost of legal fees, splitting of assets and inability to accurately measure asset prices during periods of economic downturn, people tend to hold off on their divorce until economic conditions improve.
More than half of the 1,600 lawyers that are members the American Academy of Matrimonial Lawyers were reporting that there was a massive drop in business in 2009.
However, all of that is changing with the rebounding of the economy, with the same attorneys now saying that they are overwhelmed with cases. Some have reported increases of up to 25%.
Other factors causing the heating up of divorce litigation:
- Credit markets are beginning to loosen up with banks lending money again
- The stock market has almost doubled from its worst days
- Increases in retirement funds and savings allow people to feel more secure in getting a divorce and managing on their own.
- Another big change is that the stock market has nearly doubled from its darkest days.
This shows that money plays a huge role in marital affairs and recessions often hit the low income earners the most.
But the good news for divorce attorneys as well as unhappily married couples is that the combination of a rebounding economy, booming stock market and lower unemployment rates are all contributing to increased work for law firms.
If you are ready to begin your divorce proceedings, contact The Law Office of Brian D Perskin. Our Divorce Lawyers have over forty years of combined experience in divorce and custody cases and use this to our clients’ advantage.
Our New York divorce attorneys handle cases throughout New York, Bronx, Brooklyn, Queens and Manhattan from our two office locations in New York, NY and Brooklyn, NY.