Here’s how the economy affects divorce

A strong economy is good for virtually everyone in California. As the economy improves, incomes generally rise and there are usually more jobs available overall. These improvements give people a much-needed sense of financial security. Since money is a significant source of stress in many relationships, it would make sense if a stronger economy also reduced the divorce rate. Instead, the opposite appears to be true.

A 2018 study by Northwestern Mutual that surveyed approximately 2,000 adults documented a widespread problem common to many relationships. Of respondents, 41% told researchers that their financial problems affected their relationship. Rather than alleviating money-related stress, adding more money through economic improvements makes things much more complicated. This can give already stressed out couples even more to butt heads over.

There is more to it than simply amplifying problems that already existed. When the economy is performing poorly, wages are stagnant and there are fewer available jobs, filing for divorce can feel like a significant financial risk. Even if one person is otherwise fully ready to end his or her marriage, concerns over post-divorce finances during a poor economy can prevent them from taking that step. When the economy ultimately turns around, filing for divorce might seem like a safer financial move.

Financial security is something that people in California crave regardless of their marital status. Fear of losing that security could possibly prompt some to put off filing for divorce, even if it is otherwise the right decision. Rather than delaying the decision, individuals who are ready to move forward with the process should consider speaking with an experienced attorney to make sure that they fully understand their options.

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