Are Couples Postponing Divorce Because It’s “Too Expensive”? Recent Study Indicates They Are

It’s no secret that we, as Tampa divorce lawyers, field more cases at the beginning of the year than at most other times throughout the year. However, 2024 is a different sort of year, and with it comes a rising cost of living, inflation, and an economic crunch on American pocketbooks that is impacting the divorce landscape. New research shows that the cost of living crisis has delayed more than 270,000 couples from filing for divorce.

Researchers at Legal & General found that financial pressures delayed 19% of divorces in 2024. The trend began growing in 2020, shortly after COVID, when income concerns and cost of living pressures began to rise. Today, the cost of living continues to rise and divorce may be an expenditure that 2024 couples cannot afford to make.

While financial pressures are often thought of as a reason why couples get divorced, the current trend may actually be forcing couples to stay together. Inflation, rising interest rates, and cost of living increases have placed a great deal of pressure on American couples who can neither afford to sell or buy a new home. Not only can couples not afford the new mortgage rates, but they can’t afford to maintain two households either.

One researcher noted that when the economy suffered, finances became an increasing issue for those who wanted to separate. This trend applied across income brackets as well and impacted many middle-class couples who were trying to separate.

When the economy is doing well, it’s easier to get divorced because you can buy homes at reasonable prices and sell homes more quickly. So the real estate market, mortgage rates, and interest rates all have a profound impact on the rate of divorce in the U.S. Nearly half of all divorcees had their incomes decrease by 31% directly following their divorces.

How to keep costs down during your divorce 

Factors such as the length of the marriage and the amount of assets the couple shares can greatly increase the cost of divorce. The presence of children and disputes among the couple will also increase the risk of litigation and this will also drive up the cost of your divorce.

The cheapest way to get divorced is by coming together with your spouse to decide most of the key aspects related to your divorce together. Mediation is becoming a much more popular option for couples seeking divorce in Florida. Mediated divorces are significantly cheaper and less time-consuming than litigated divorces. Litigated divorces can take years to settle and all matters must be disputed before a judge. In a mediated divorce, you don’t even need to hire your own attorney. If you and your spouse can agree on all aspects related to your divorce, you can present a judge with a final divorce decree without the need for battling lawyers.

Talk to a Tampa, FL Divorce Mediation Attorney Today 

Westchase Law, P.A. can help divorcing couples interested in mediating their divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin discussing your goals right away.

Source:

theguardian.com/money/2024/jan/01/divorces-delayed-by-cost-of-living-crisis-research-finds