For the past 10 years now, the economy has been a roller-coaster of ups and downs. Banks have fallen, the housing market collapsed and grew again, countless businesses have closed, and governments the world over have instituted stimulus packages aimed specifically at propping up ailing markets.
Along for the ride with the economy is an unexpected passenger: The divorce rate.
As many attorneys are finding out, with the recent boosts to the economy, the divorce rate has been climbing after hitting a 40-year low in 2009.
In many ways, the rise in divorces makes sense. During tough economic times, people are likely to lose their jobs, have their hours or pay docked, their family businesses shrink, and their expendable income disappear. All of that is likely to scare people away from making any sort of life-altering decision.
On the flip-side, when the economy is doing well, employment is easier to find, and expendable income is high. In addition, when things are bright and sunny, people are more likely to see hope outside of their unfulfilling current situations.
Many experts are saying that this increase in divorces is due to individuals playing “catch-up,” given that they would have gotten divorced in years past, were they able.
According to Moody’s Analytics chief economist Mark Zandi, “as the economy normalizes, so too do family dynamics. Birth rates and divorce rates are rising. We may even see them rise strongly in the next couple of years, as households who put off these life-changing events decide to act.”
It is unknown how the market will swing in the future, but it goes without saying that as the market continues to fluctuate, so too will family dynamics.