by Hans Eisenbeis
- When times get tough, the tough stay married. Divorce courts and lawyers saw a dramatic drop in divorce proceedings as the economy worsened in 2008. In Chicago, for example, there was a 5% drop in filings in the first three quarters of 2008 — before things got really ugly (MarketWatch.com 12.21.08). The American Academy of Matrimonial Lawyers reports that 37% of its membership has seen a drop in business.
- While the leading cause of divorce may be money issues, a recession causes many couples to stick it out. Why? Because the cost of establishing a second household on the same income is simply not feasible to many Americans.
WHAT THIS MEANS TO BUSINESS
- Americans are worried about the economic crisis, and they’re putting off decisions that will cost a lot of money such as divorce.
- Call it a stiff upper lip or putting off the inevitable. Either way, consumers are weathering some rough emotional waters that require prioritizing.
- On the other hand, hope springs eternal, right? Maybe love will rebloom in the fertile ground of shared hardship.