While we welcome good economic times, a higher divorce rate can also come about when the economic forecast improves. One couple stayed together in what they considered an unhappy marriage because they did not feel they could afford to divorce. The couple is now going through the process of divorce as revenues in the company they had run have increased.
The divorce rate for all Americans has risen for the third straight year. This appears to be increasing the number of new households that are being created. However, the number of divorces is also motivating more women to enter into the labor force. This is in part due to economic necessity.
The creation of new households is also prompting new demands for furnishings, condos, apartments and home construction. Many women are locating to apartments of condos where they can be closer to their children.
Household net worth overall has increased as well. We’re seeing many couples selling their homes and dividing the proceeds. This in turn often provides a nest egg for each spouse to go on with their lives. After the housing bubble burst, the property division process of divorces was complicated due to couples with jointly owned homes being underwater on their mortgage.
As Illinois is not unique, we are likely going to see many of the same trends pertaining to divorce as other areas in the United States. However, the division of assets in Illinois is governed by Illinois law. Therefore divorcing couples could greatly benefit from the advice and counsel of experienced attorneys licensed in Illinois that handle property division matters on a regular basis.
Source: Financial Advisor, “Worsening Divorce Rate Points to Improving U.S. Growth Outlook,” Feb. 18, 2014