Downturn in Economy and Divorce Rates
Updated: Oct 17, 2022
The Economist of britain is reporting that, the downturn in the economy is creating an increase in divorce rates among the wealthy.
The paper reasons the reason for this is that the wealthy will have a lower settlement amount as the bonuses and increased pay shrinks and shrinks. Get out while the getting is good.
For middle income earners, as always in life, choices are more limited. Divorce is not as easy as an option because the house is the main asset they have. When selling the house, the equity it provides often can not support two house holds.
While I have not noticed an upsurge in divorces yet. I do know that divorce is never an easy option when you are low to middle income. It can be incredibly disruptive, and the choices are limited. As the article reports, a spouse may not even be able to receive spousal support during the divorce because the other spouse is already helping to pay the mortgage. Which does not take into consideration daily living expenses. The challenges are great.
In my practice I strive to work with my clients to solve the problems and work around their budget. I realize the investment in hiring an attorney is great so the choice should be one where the client feels completely comfortable.
If you have san jose divorce or santa clara county family law questions please contact my office.