According to ABC News, more couples are now seeking divorce now that the economy is showing some signs of improvement. Many of these couples, divorce attorneys say, have been waiting for the chance to untie the knot, but have held back because of tight finances since the economy took a turn several years ago.
According to Linda Viken, president of the American Academy of Matrimonial Lawyers, the recession put financial and emotional strain on couples which made it risky to seek out a divorce during the recession. Many couples chose to wait out the recession and file once things began to look better. For many, that time seems to have come.
Historically, there are fewer divorces during times of economic downturn. And many attorneys have noticed the decrease in the last several years. In 2009, 57 percent of the 1,600 attorney members of the American Academy of Matrimonial Lawyers reported a decrease in divorce filings. More recently, though, things have been picking up along with the economy. Some attorney's have noted an increase of divorce business of up to 25 percent from January to April 2011.
Some couples are, however, wishing they would have filed for divorce last year, as the settlement sizes are larger now that the economy is turning north. Experts say that clients are advised as to how they can avoid unnecessarily losing assets during property division. According to Viken, couples "have to be very sensitive to what's happening in the market so things don't come back to bite them."
Anytime one seeks out a divorce, it is wise to plan very carefully and prudently. Although the economy may currently be making slow improvements, couples should not necessarily rush to file divorce. It is wise, whenever one seeks out such a big decision, to plan very carefully so as to make the transition as smooth and free of loss as possible.
Source: ABC News, "Divorce Filings Get a Boost from Economy," Lyneka Little," 28 April 2011.
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