Divorce is a difficult decision, and it can be especially challenging during an economic downturn. Financial pressures and uncertainties can add to the already complex emotional and legal issues involved in divorce. If you’re a man who is considering divorce, you may wonder whether now is the right time to split up your finances and put yourself in a potentially precarious situation. Here’s important information anyone who is considering getting divorced during a recession should consider before making their final decision.
Divorce Rates During a Recession
Historically, divorce rates tend to decline during an economic downturn. According to a study by the National Marriage Project at the University of Virginia, the divorce rate in the United States dropped by 16% during the Great Recession of 2008-2009. This is likely due to financial constraints, as well as the stress and uncertainty of the economic climate. However, the pandemic-induced recession has seen a different trend, with some reports indicating an increase in divorce rates. With the pandemic causing widespread job loss, financial strain, and social isolation, many couples have struggled to maintain their relationships. Unfortunately, the closure of courts and legal offices during the pandemic has made it more difficult to access legal assistance. Now that courts have begun to catch up on past cases, couples who’d like to divorce may not have to wait as long for their case to be finalized.
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Divorce for Men: Finding the Right Legal Support
Divorce can be particularly challenging for men, as they may face biased attitudes or assumptions in court proceedings. Even in the 21st century, many people still believe that men should be financially responsible for their family, which can be a huge stressor during a recession. This is even more stressful when a husband goes to court for his divorce and is expected to pay spousal and child support, sometimes unfairly. It’s common for people to lose their job during a recession, which means husbands and fathers may not be able to afford the payments they’ve been ordered to pay.
It’s important to find a family lawyer or child custody attorney who understands the unique challenges faced by men in divorce. They can help you navigate the legal system and advocate for your rights, including father’s rights in divorce and alimony rights for men.
Every man who is going through a divorce will need to determine the process that will work best for him. You can explore your options with your divorce lawyer. For example, if you’re going through a low-conflict separation and need to save money because of the recession, E-divorce services can be a convenient and cost-effective alternative to traditional legal services. Men who are dealing with more complex financial issues or higher conflict will have to take a different approach.
The Impact of Economic Factors on Divorce
The economic climate can have a significant impact on the financial aspects of divorce. One of the most significant factors is the stock market, as a couple’s assets may be tied up in investments. With the recent market volatility, it’s important to consult with financial advisors or legal experts to determine the best course of action. In some cases, it may be the best time to split a stock portfolio. For other couples, it may make more sense to keep investments intact while still determining how to divide all assets equitably.
Losing Your Job While Paying Support
Layoffs and unemployment are another major concern for divorcing couples. Not getting bonuses you’re used to because your company is trying to cut costs can also affect support. In addition to the financial strain of losing some or all of your income, unemployment can impact child custody and support agreements. If you are in the midst of a divorce, you may have already been ordered to pay temporary alimony and child support that you can’t afford after losing your job. It’s important to communicate with your legal team about your financial situation. You may be able to have these orders modified to take your circumstances into account.
Housing Market Crashes
The housing market crashing can also have a significant impact on divorce proceedings. If a couple owns a home together, the value of the property may have decreased. This can affect property division and alimony payments. Couples should consider whether the best time to sell the home is before or during the divorce process. If you haven’t filed for divorce yet and the market is still reasonably good for sellers, consider selling your home immediately instead of waiting for your divorce. This suggestion only applies when both spouses are on board with selling the home before filing for divorce. In high-conflict situations, it may be best to hold off on selling the home.
Divorce Attorneys for Men During a Recession
There’s no way around it – divorcing during a recession can be a challenging and complex process. The divorce process is often stressful and emotional even during the best of times, so economic pressures are bound to make things even more complicated. But when it’s time to get divorced, it’s time to get divorced. Don’t feel obligated to stay married just because of the current economy, especially if you are in an unhealthy or unsafe marriage.
It’s important to find the right legal support before you start the divorce process, especially during a recession. An attorney can help you understand the impact of economic factors on your divorce outcome. They can also point you toward financial professionals, appraisers, and other experts who may be able to help you determine the best time to get legally divorced. With the right guidance and resources, you can navigate this difficult time and emerge with a fair and equitable agreement.
The Micklin Law Group’s attorneys have been helping men and fathers navigate the family courts for over 20 years. We’ve seen divorces in good economic times and bad. Our team is particularly experienced in aiding with high-asset divorces, so we understand how much our clients may have to lose. This motivates us to find the best possible outcome and help our clients retain their most important assets. Contact our team for a consultation.