We have been hearing the word all over the news: recession. Unemployment is up, foreclosures are up, spending is down. In times like these, money and finances are likely a hot topic in many households and something that husbands and wives are fighting about. However, instead of divorce rates increasing during this time, many reports indicate a downturn. This may not be good news for those who are hoping that the recession will help their family reconnect through more stay-at-home nights. The increased tension in a household coupled with the fact that divorces can bear a large punch to the purse has left some frustrated couples with no way out.
With the housing downturn finally starting to shift, however slightly, there may be hope that one of the largest marital assets, the home, will start to regain its former value. On the other hand, there are reports that there will be more foreclosures to look forward to this year and that it will take several more years for the housing market to fully recover. People are continuing to look for work or struggling to make ends meet with their current jobs while their spouse is out of work. With everything so up in the air, it is easy to see why couples choose not to get a divorced during this time. Even those couples who do decide that they want to get a divorce despite financial difficulties often cannot move on entirely from the situation. Some couples are even continuing to live in the same house, despite starting (and even completing) the divorce process, simply because they cannot afford housing elsewhere.
There are several things to consider when deciding whether or not to wait out the recession before proceeding with a divorce. If you are in this position, be sure to consult with a divorce attorney to determine the best course of action in your situation.