A booming economy could impact the decision to divorce

On Behalf of | Jun 19, 2019 | Divorce |

Financial factors are a frequent issue when a New York couple decides to divorce. However, that does not always mean that financial problems are the source of the dispute. In fact, some statistics show that a strong economy can spur couples to get a divorce.

In the first quarter of 2019, the booming economy has generally raised incomes. That coincides with more people experiencing marital strife. Legal professionals who work in family law say divorces increase when the economy is good. People function under the belief that when there is a strong economy, they have a greater willingness to deal with the inevitable life changes that come with a divorce, financially and personally.

When there is more money available, people will have the comfort to move forward with the end of a marriage. A poll of legal professionals found that when there is a struggling economy, most stated there was a decline in divorce filings. As people struggle financially, they decide that finances and budgetary constraints take precedence over the potential relief they will feel if they end an unhappy marriage.

While it is obviously a positive to have a strong economy, it can also be problematic when there is a divorce and there are more assets to divide. For example, those who have accrued art, valuable antiques and other items that are hallmarks of a well-to-do couple, a high asset divorce can be contentious.

Regardless of the circumstances surrounding the divorce, the decision should not be taken lightly. There is rarely an “ideal” time to take that step. But when there are marital problems that cannot be solved and the economy’s strength makes it easier to divorce, it is wise to contact a law firm that is experienced in all areas of divorce and can help people from any financial position.