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Improving economy leads to more divorces

Is the divorce rate and economy linked? While it may be difficult to believe, it appears the answer is yes. Statistics from the Census Bureau show that the economy does have an impact on the divorce rate in the United States. As the economy has improved during the last three years, the divorce rate has also increased every year for the last three years, according to the Census Bureau. 

Why would the economy impact the divorce rate? If you think about it, it isn't that surprising that the country's economy and housing market would affect the divorce rate since couples getting divorced have to think about the financial impact divorce will have on their lives. 

Divorce impacts several different areas of a person's life. One of the biggest concerns for many spouses considering divorce is how it will affect their finances now and in the future. To show why the economy and housing market have such strong ties to the divorce rate, listed below is a list of issues spouses often consider when thinking about filing for divorce: 

  • Where will I live? Can we even sell our home right now?
  • What about child care? Can I afford child care if both parents are working after the divorce?
  • Will I lose my health insurance?
  • Will I be able to handle managing my finances on my own?

There are several factors spouses think about before getting divorced, and the financial implications play a big role in whether spouses decide to file for divorce or to wait. As statistics show, many spouses were waiting to get divorced until the economy and housing market improved. With a more stable economy and improved housing market, more spouses are calling it quits since they have stable incomes and can sell their home and find a new, affordable place to live on their own. 

The rising divorce rate shows that the economy does play a factor in when couples get divorced. It also shows the importance of considering how divorce will impact your finances, and why you should take steps to plan for your future before the divorce has been finalized. 

Source: The Morning Sentinel, "Worsening divorce rate points to improving economic outlook," Steve Matthews, Feb. 24, 2014

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