Divorce and The Troubled Economy

Posted by Steven D. Eversole | Feb 23, 2014 | 0 Comments

Every couple faces unique challenges throughout their marriage. The decision to dissolve a marriage is always personal, but couples will often agree that certain stress factors, including money trouble, can make marriage more difficult. According to statistics and many experts, couples are more likely to divorce in a downtrodden economy. When facing financial stress in a bad economy, you likely have a number of questions. Will a divorce make things worse? Can you keep your family home? How do you protect yourself financially after divorce?

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Living in a financially troubled household is stressful for married couples as well as their children. Compounding months and years of this stress leads many couples down the path towards divorce. Our Birmingham divorce attorneys understand the difficult situations faced by our clients and will take the time to answer your personal questions concerning finances and your legal rights after divorce.

Not surprisingly, a bad economy can create a host of additional problems in a marriage. If one spouse loses their job, couples can find it difficult to renegotiate financial responsibilities. Months and years of unemployment can exacerbate this issue and lead to others including depression, substance abuse and other damaging relationship stresses. If your household is in financial crisis, your relationship is likely to suffer.

Credit card debt, a failing family business, medical expenses, and general financial stress can put significant pressure on a marriage. In the downtrodden economy, more and more couples are forced to face their hardships and how these hardships can permanently stress and damage a relationship. For many couples financial stress can lead to trust issues, resentments, and eventually a couple that grows apart. In these cases it can be difficult to recover from financial stress, especially if one or both parties are ready to “go it alone.”

On the other hand, some couples stay together during financial hard times. They may help brace one another to “weather the storm” or they may not have the financial option to divorce and move on independently. Researchers and analysts have continued to track the relationship a bad economy and divorce. The results vary, but there is significant evidence to demonstrate that a troubled economy can push couples towards divorce.

If you are under financial pressure and wondering if you should pursue a divorce, there are some important considerations to help you protect your rights and long-term interest. You should decide whether it is the relationship itself or the financial stress that makes you want to get out. You could make the extra effort to stay together; however, if you have reached a point where reconciliation is not possible, it may be time to file for divorce. It is possible that your personal relationship is getting worse because of a deepening financial crisis.

In the event that you do decide to pursue a divorce, remember that without experienced counsel and guidance, you could risk losing certain assets and forgoing legal interests. While a divorce is also a kind of investment, it may be the best solution to help you and your family move forward and get a fresh start. An experienced attorney can help you review your options and make the best decision to protect your rights and family.

If you are seeking a divorce in Birmingham, contact Family Law Attorney Steven Eversole at (866) 831-5292.

About the Author

Steven D. Eversole

J.D., Samford University's Cumberland School of Law, Birmingham, Alabama B.A., University of Alabama, Tuscaloosa, Alabama

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