Many Joliet residents have done their best to weather the economic recession of the last few years. Some may have tried to keep their marriages together during this rough time, as well.
According to a new study, the national divorce rate fell rapidly starting in 2007. While divorce rates have been falling in general, the rate of decrease accelerated during the recession. Specifically, the divorce rate froll from 17.5 per 1,000 married women in 2007, to 16.9 per 1,000 married women in 2008.
The study also found the higher the level of disposable income a couple has, the higher their incidence of divorce. Because of this, some estimated that the recession forced couples without high assets to remain together.
Ultimately, economic issues may present complications for couples who may be considering a divorce. This is true before parties file for divorce, as shown above, as well as during the divorce process itself.
For instance, issues involving the property division of marital property can be complicated. Perhaps the biggest asset at stake is the marital home, which often goes to the parent who does the majority of child-raising. Of course, if a couple does not have children, or has more than one home, the courts may vary in their approach to dividing the property.
Preferably, couples could settle some of these issues on their own, but that often is not a reality in the divorce context. Ultimately, in equitable distribution states like Illinois, a judge will need to determine a fair division of property.
Source: Star Tribune, “Study: Divorce rate fell fast when recession hit,” Adam Belz, Nov. 12, 2012
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Divorce rates fell during recession