The economic downturn has brought about fear for many American families. Many fear the possibilities of foreclosure and/or bankruptcy. Families have thus started tightening the reigns on frivolous spending. Many families can no longer afford the luxuries of week long vacations, shopping sprees and eating out.
This turn in financial ability begs the question, “is divorce now a luxury many can no longer afford”? Judith Acosta wrote an article on Huffington Post titled, “The Luxury of Divorce” broaching this very topic. In the article Acosta quotes Joy Joseph, a White Plains, New York attorney, who stated, “for people of moderate means, the economy has had a big impact. It is very expensive to get divorced. Only a part of it is attorney’s fees. The bigger part is that the assets are split or devalued in the process. Usually that’s the house, in which they have very little equity. Plus there’s the risk of losing the partner’s health benefits. They’re afraid to live uninsured. So, they cling to an unhappy marriage because they can’t afford to leave.”
As a Jacksonville Divorce Lawyer I have observed the same issues with married couples in the Jacksonville and surrounding areas. Many married couples seeking a divorce are concerned with what will happen with the house if their mortgage is under water. Who will be liable for the deficit if both parties’ names are on the mortgage? As a Jacksonville Divorce Lawyer I know there is no simple answer, it simply depends case by case.
My observations as well as Joy Joseph’s above quoted statement seem to be valid per statistics laid out by the B.E. Journal of Economic Analysis and Policy. The statistics show that “for every 1 percent increase in the unemployment rate, the divorce rate goes down by 1 percent”.
Although the economic down turn has taken a toll on many divorce seeking couples and their finances a divorce can still be in the cards. Contact a Jacksonville Divorce Lawyer today to see if you can afford a divorce. Free consultations and payment plans are available.