Divorce in a Recession
Updated: Oct 17
Today in the Yahoo news, a very interesting article was published regarding Divorce inquiries are on the rise in China in the tightening economy.
It is not a surprise that couples are inquiring about the timing of their divorce as the economy worsens. I have noticed a spike in requests lately as couples determine when is the appropriate time to seek a divorce.
The article states that a multitude of factors play into the decision. One important aspect is valuation of the property. Some parties prefer the property value to be valued low so as to get away with paying less to the other party for the property.
The hardships that couples face in economic downturns is that it becomes even more difficult to maintain two separate households in the tough times. Unfortunately the benefits of being free from your ex may be worth it.
It has been my suggestion to these parties that the decision must be carefully weighed against all of the factors in their individual case. Unfortunately nobody can predict when the economy will get better. I do encourage my clients to not be fearful of the divorce and family law process as it can be liberating to be finally free from your spouse. If the parties can agree to most of the terms the process can be painless and easy.