These days, most people have at least one bone to pick when it comes to the fluctuations of the economy.
Many people look at divorce rates and think that things like economic issues fuel most of these splits. However, the surprising truth is that fewer divorces happen when the economy is suffering.
The high costs of divorce
CNBC discusses the ties between the economy and marriage or divorce. According to economics, it is actually not as surprising as people think that divorce numbers fall during economic downturns.
This is due to the costs associated with a divorce. The process itself is not cheap, especially with the involvement of attorneys and the court. On top of that, each person in the couple will have to readjust to living on a single-person income.
For many, this is a difficult adjustment to make even when the economy is good. This is why things like spousal support exist in the first place.
Thus, many people who have financial struggles will attempt to make it through the economic downturn before considering divorce, even if the economy itself does in fact put pressure on the marriage.
A person’s economic perception
On top of that, a person’s perception of the economy can change whether or not the divorce will happen. Couples with a prenuptial agreement in place or strong arguments for potential spousal support will likely not consider economic conditions as much, for example.
In the end, each situation is different for every couple. It is up to each couple to determine their best potential course of action.
