Family economics play a significant role in any marriage as well as during divorce. Minnesota families typically think of things like child and spousal support when they think of divorce economics, but the situation is often more complex.
Dividing property and setting up new, separate homes is also a big issue, and it is one that is impacted significantly by the recession. For homeowners who bought properties before the market downturn, divorce may have seemed a financial impracticality with an underwater mortgage. It’s difficult to afford a second home on the same incomes when one home has inflated payments.
Recent research has shown that the housing market actually as a predictive effect for divorce trends. Couples with some college education who lives in states with high foreclosure rates are now divorcing at a higher rate than other couples. Social scientists say that it’s possible that financial stress resulting from a depressed housing market could contribute to the overall stress and conflict that ultimately results in a divorce.
Deciding whether or not to get a divorce often doesn’t come down to economics, but rather couples feeling that they have irreconcilable differences and do not wish to continue the marriage. Figuring out the financial aspects is often an added stress and can make some Minnesota residents feel frustrated and exasperated with the process. Experienced family law attorneys can help Minnesotans figure out what they are entitled to and what they will need to maintain their lifestyle and negotiate to achieve those goals.
Our firm handles a variety of family law matters, including divorces. More information is available on our Minnesota family law website.
Source: New York Magazine, “Do the Rich Get More Recession Divorces?” Lisa Miller, Aug. 17, 2012