Kajko, Weisman & Colasanti, LLP

Economic downturn slowed divorce rate

People in Boston and across the U.S. probably had to make sacrifices of one kind or another during the hard economic times of the late 2000's. For a large number of married couples, that may have meant staying together.

A new study has shown that during the recession, people were less likely to get a divorce. In 2007 there were 17.5 divorces per 1,000 married women, but in 2008 this number plummeted to 16.9. The reasons for this include the fact that economic opportunities were limited and the value of assets, namely homes, decreased.

It appears that with the financial downturn couples decided to stay together. However, as the economy began to churn again in 2010, the divorce rate increased.

For people who have considered a divorce but thought it best to remain together temporarily for financial reasons, divorce mediation may be a good way to go about finally undoing the knot. Divorce mediation is a process that helps avoid expensive and contentious courtroom litigation and encourages couples to work towards an amicable and equal split. The major issues; property division, child support and alimony, to name a few, can all be handled during the divorce mediation process. The parties themselves call the shots, not a judge, and everything that happens during the mediation process remains strictly confidential.

In the end, divorce mediation can save time and money if the couple able to agree upon these major issues, or at least work together and compromise so that an agreement can be reached. For couples who find themselves in this situation, but have been putting off divorce because of financial concerns, now could be the time to consider making the move.

Source: Star Tribune, "Study: Divorce rate fell fast when recession hit," Adam Belz, Nov. 12, 2012

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