The National Economy and Divorce
It may come as no surprise, but divorce can be a costly endeavor. Since 2000, data collected by the U.S. Census Bureau has shown a dramatic correlation between the health of the national economy and the national divorce rate. Researchers have many theories as to why these two go hand in hand, but it primarily boils down to economic uncertainty leaving couples understandably hesitant to strike it out on their own.
Today, our divorce and family law attorneys will identify the connection between economic prosperity and the U.S. divorce rate, the underlying cause of the connection, and how these factors may impact our clients and their families.
Morris County, NJ Divorce Attorneys Examine the Statistics
According to the U.S. Center of Disease Control and Prevention, 944,000 couples were divorced or completed an annulment in 2000 (excluding California, Indiana, Louisiana and Oklahoma). In the year 2009, this number dropped to 840,000. That drop accounts for an approximately 11 percent difference in total divorces and annulments less than a decade apart. In 2000, the economy was relatively healthy and stable, with GDP growth rates hovering around five (5) percent for the year. 2009 was the year of the financial crisis and saw the U.S. have a GDP growth rate of about -8 percent at it’s lowest.
Even with the overall trend of divorce rates decreasing over time, the total number of divorces and annulments jumped back up in 2011 to reach 877,000. The 2010/2011 recovery saw GDP growth of about four (4) percent at it’s highest. What we can gather from this data is that there seems to be a direct correlation between the strength of the national economy and the divorce rate in America.
Mendham Finances of Divorce Lawyers Identify Connection Between Economy and Divorce Rate
No two divorces are alike. Most individuals and couples considering divorce fear that proceedings will be hard on the wallet. This idea may be more of a misconception than a reality for many. While divorce proceedings certainly have the potential to drag on and become a major expense, that is primarily up to the parties involved. Many divorcing couples are able to keep costs low by using alternative conflict resolution methods such as mediation to resolve the issues of their divorce including child support, child custody, equitable distribution of marital assets, alimony, and more.
What is empirically true is that two incomes are greater than one. That is not to say that single income families cannot thrive financially, but it certainly may be a legitimate concern of couples considering a divorce. Additionally, many divorce settlement agreements will stipulate payments from one former spouse to another in the form of alimony, spousal support, child support, and so on. Couples or individuals who may be concerned with affording those payments may choose to hold of on seeking a divorce.
Should I Let Financial Concerns Impact my Decision to get a Divorce?
Our Morris County divorce attorneys believe that no one can make this type of decision for you. Seeking a divorce is a major life decision, and quite often a positive one in the long run. However, there are practical considerations in all of our lives which must be addressed. Here are a few high level questions to ask yourself in regards to your financial situation and your potential divorce:
- If I wait for a divorce, will my financial situation truly be different at a later date?
- Are the reasons for my divorce so severe that I cannot wait to take action?
- How will waiting for divorce or seeking one immediately impact the lives of my children, my family, and my own wellbeing?
- Do I have any short or long term alternatives?
Contact our Morristown Divorce Finance Attorneys Today
At The Law Offices of Townsend, Tomaio & Newmark, our divorce finance attorneys have extensive experience serving Morris County clients from towns including Mendham, Harding, Morristown, Chester, Chatham, Morris Township, and all of Northern New Jersey. We believe in offering unwavering support, starch advocacy, and individualized attention throughout the legal process. Our qualified divorce attorneys will work with you and your family to identify and deliver the outcomes to your divorce or family law dispute which will best serve you in the short and long term future. For a free and confidential consultation regarding your divorce questions or concerns, please contact us online or call our Morristown, NJ offices at (973) 840-8970 today.