Reports suggest that the economy is on the mend. Many Utah residents may be feeling free to spend money again. Filing for divorce may be an option that some of these individuals are now able to afford. Numerous couples that might not have had enough financial stability to get divorced during the recession may now be opting to end their marriages.
Divorce may not have been a wise choice for an individual to pursue while living in an economic climate where many people were losing their jobs and their homes. Some couples were forced to stay together due to the unsteady job market. Others may have decided to postpone their divorce until the housing market recovered and they no longer faced the risk of foreclosure.
In some instances, couples may be ready to file for divorce, but still cannot afford to set up separate households. A new trend has arisen wherein couples that are divorcing remain living together in order to save money. These living arrangements may not last forever, but they can provide each individual with a chance to save up enough money to eventually be able to live on his or her own.
Even though studies show that fewer people got divorced during the recession, researchers are still unsure as to why. While many people were most likely waiting for a better financial picture, this may not be the only reason for the declining divorce rate. It will be interesting to see if future research backs up contentions that the recovering economy will allow more people the freedom to divorce.
Many of the issues involved in a Utah divorce are undoubtedly financial. Property division and other financial matters play a critical role in a divorce settlement and can significantly affect a spouse’s future standard of living. A better economy and rebounding housing market could provide incentive for many individuals to thoroughly evaluate the potential financial consequences of a divorce.
Source: Los Angeles Times, Divorces rise as economy recovers, study finds, Emily Alpert Reyes, Jan. 27, 2014
Subscribe To This Blog’s Feed