Many couples living out this recession have cut back on eating out, new cars, and fancy vacations. According to an article in the New York Daily News, some couples have cut back on divorce. The American Academy of Matrimonial Lawyers polled its 1,600 members, and almost 40 percent said their filings were down. Additionally, the National Marriage Project released a study in December 2009 which showed divorce rates were down for the first time in five years.
The recession has definitely affected divorce rates. Is it because couples have enough to worry about in their life without contemplating a new life without their spouse? Or is it financial?
Probably a bit of both. But in a time when bank accounts are dwindling and home values have dropped, some people might not be in a hurry to split those declining assets into two. Yet, for others, our depressed economy could present an opportunity. Business owners who expect their companies to survive the recession and even flourish down the road, may be able to buy-out their spouses at a bargain price.
Michael C. Craven is a well-known divorce attorney in Chicago, CPA and a partner of the law firm, Beermann Swerdlove, LLP located in the Chicago area. He is highly respected among other divorce attorneys, judges and his clients. He also holds a Master of Tax Law Degree (LLM). For more information about his services, contact Michael at mccraven@beermannlaw.com or at Divorce Lawyers Chicago.
