More Divorces in a Recession?
Does a recession result in more divorces? Correy E. Stephenson writes in her article, Breaking Up Is Even Harder to Do, in The Journal Record, that the impact of the slowing economy on divorce can be felt in the housing market. She quotes me in the article:
And James J. Gross, a partner at Thyden, Gross & Callahan, says he hasn’t seen a large change for his clientele in the wealthy suburb of Chevy Chase, Md. – at least not yet. But while he hasn’t had to work with foreclosed properties, he has noticed a shift from splitting profit to splitting debt. ‘There has been a downturn in the housing market, where we only used to see profit and houses would sell very quickly. Now we are seeing minimal gain or loss,’ Gross said.
Certainly, economic stress can put more pressure on a marriage in trouble. But I believe that macro economics has little to do with people getting divorced. If a couple has a good marriage, they will weather economic hard times together.
If they don’t have a good marriage, they will have troubles when they don’t have much money and they will have troubles when they have lots of money. I have just as many divorce clients now as I did when gas was low and the stock market was high.
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