Boost in Home Prices Leads Some to File for Divorce
October 25, 2013
A recent article in the Los Angeles Timesdiscussed how the improving economy has had an impact on the number of divorce cases filed across the country. The article noted how during the recession the number of filings fell as couples feared the financial uncertainty of divorce and were afraid to face dividing homes that might have fallen underwater.
However, now that things appear to be on the upswing so is the number of new divorce cases as people eager to leave bad marriages no longer feel constrained by financial worries. Experts are clear that the increase in employment and housing prices isnot what leads to marital dissatisfaction. Instead, what happens is that people are no longer as wary of divorcing given the disappearance of some major financial hurdles that have existed for the past several years.
The biggest change that is contributing to this rise in divorces is that housing values have started to slowly rebound. Prior to the recession a couple’s home was one of, if not their single largest asset. After the recession struck, home values collapsed and there were fewer assets to divide. In fact, many couples faced the unheard of reality of dividing losses on a house, something that many other unhappy couples were eager to avoid.
With the economy rebounding, divorcing couples across huge swaths of the country can now begin to expect a division of profits rather than losses. Experts say that this situation is not unique to the United States. Numbers show that in England the rate of divorce fell to historic lows in 2008 as the financial crisis gripped the country’s economy. However, as the economy in Europe has begun to show signs of life the number of divorce filings have also begun to rise.
Though experts are careful to note that a slight rise in real estate prices should not serve as motivation for couples to throw in the towel on their relationships, the improving economic climate does give truly unhappy couples the option of ending their marriage without the same fear of financial ruin. If you are facing a South Carolina divorce and have questions, it’s wise to consult an experience family law attorney who can guide you through the complicated process.