The divorce rate has remained relatively steady from year to year in the recent past. However, the numbers have sharply risen in the most recent months. Many, including divorce professionals, attribute this rise to the improving economy. Couples have a tendency to stay together during tough economic times. This is not necessarily due to some form of struggle camaraderie, but more so with the financial inability to obtain a divorce.
From the years of 2009 to 2011 the divorce rate did not reach the numbers expected. This is speculated to be because couples could found it financially difficult to obtain a separation. One of the largest hurdles might have been selling a home. Certainly during the economic downturn of 2009-2011, the home sale market suffered tremendously. Thus, for couples looking to separate and sell a home during such separation, a tough economy could have delayed decisions.
The State of Illinois divides property on an equitable division of property concept. This mean that when a couple separates, the court will not necessarily split assets absolutely evenly down the middle, Instead, the court considers the financial position of each individual and divides property in a way that will ideally leave both parties in an equal position post-split.
Couples do not always have to sell a jointly owned home in the event of divorce. If the two can agree on a way to divide the home, then a sale can be avoided. Yet, when a home is a major asset shared between the parties, leaving the house to one person is not always the best solution.
When making a decision to divorce, it is important to consider the law and all potential options in the division of property. Obtaining knowledge legal representation can help this process move along in the right direction.
Source: WAND, “Divorce Rate Picking Up with Economy,” Jan. 30, 2014