A good way to tell that the economy is recovering is to review the divorce rates. In 2008, the divorce rate dropped 24% in 2008 and 57% in 2009, but started inching upwards towards the end of last year. It appears that people were afraid they were going to lose their jobs so they were very cautious about getting a divorce because you have to split your assets.
According to figures provided by the Academy, the United States has the world’s highest divorce rate, with 4.95 divorces for every 1,000 inhabitants. The marriage rate is 9.8 for every 1,000 people, according to the US Census Bureau.
Traditionally, in an economic downturn, less people divorce and separate. Further, people also hold off on having a child. Additionally, because the cost of a divorce can be as low as $2,500 to as high as $50,000, people often think twice about divorcing.
Further, the cost of housing also affected couples’ decision to divorce. Couples also delayed their divorces because they believed housing prices would eventually rebound. Most attorneys opine that “it makes no economic sense to wait for the housing value to go up before they divorce… that would take years and years.”