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Financial stress and divorce

On Behalf of | Jan 7, 2021 | Firm News

Money woes have ended many relationships in Herndon and Fairfax County. A lost job, a house the couple cannot afford, steep credit card bills; these and similar financial problems can add up to divorce if the couple cannot find another solution.

Individual economic trouble may increase the chances of divorce in a particular marriage. But a bad national economy may have the opposite effect. A study from Bowling Green State University found that divorce filings are down significantly. Examining five states, researchers found that divorce rates dropped in four of the states in 2020, a year in which the U.S. experienced one of the worst recessions in its history. One of the study’s authors said there was a similar trend during the Great Recession of 2008-09.

What might be causing the divorce drop?

As much as financial difficulties can strain a marriage, divorce can make things even tougher. Getting divorced generally means finding a way to afford two households. And if a couple is having trouble making ends meet in one house, it probably would be even tougher for each spouse to afford their own home individually.

Thus, many married couples in Virginia are probably ready to get divorced but are waiting until things get better actually to file. Maybe one spouse was laid off and is looking for work. Ironically, while their current financial situation may make divorce impractical, it may also be one of the reasons one or both spouses want to get divorced in the first place.

Getting ready for divorce

Even if you are not ready to get divorced now, for financial reasons or because of something else, there are things you can do to prepare for your future. A conversation with a divorce attorney can help you understand what you can do now to improve your standing when you do go through with dissolving your marriage.