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3 Ways the Improving Economy Affects Family Law

A recent article on Bloomberg.com states that the divorce rate in America is rising alongside our improving economy. The article suggests that people stuck in marriages for financial reasons, are now able to leave in the improved financial climate. The changing economy definitely impacts our clients. Here are three changes we’ve noticed in the last few months:

  1. Homes are more likely to be an asset. Before housing prices dropped, we would often see clients whose greatest asset was their home. Then, when the recession hit and housing prices dropped precipitously, clients were dealing with a home that was their greatest debt. Parties would argue over who got stuck with the house! Now, we’re back in a place where most of our clients’ homes are assets again.
  2. Child support and spousal maintenance levels are likely to be higher. With an improved economy, there are many people with improved salaries and more assets. Unsurprisingly, this usually means that they will pay more in child support or spousal maintenance than they did when they made less, and had less.
  3. People are employed. We’ve seen more of our clients with stable full-time employment in recent months. This is especially helpful as we try and help our clients plan for their financial futures post-divorce. It also impacts how parenting plans are designed. A parent at work may require more evening and weekend time, and less middle of the day time than a non-working parent.

As things continue to change in our local and national economies, we are prepared to help with all your family law issues. We stay abreast of the changing economic conditions, and how these conditions might affect our clients. Please contact us today.