Economy grows due to divorces involving asset, property division

|

Sometimes, a couple's "I do's" may quickly morph into "I don'ts" more quickly than they could have ever dreamed of. When irreconcilable differences crop up, and when the couple can't see eye-to-eye in their marriage, they often come to an understanding that it is preferable to split up and move on with their separate lives in Virginia. Property division becomes a significant part of this process. Some say this division of property from divorce proceedings has actually helped the economy grow.

Researchers say there is a link between the rising number of people getting divorced and the strengthening of the economy. Divorce filings have risen by 15 percent since 2009, when it was at its lowest rate in four decades. This was during the thick of the Great Recession.

The fact that more people are divorcing can actually have a positive impact on the economy. For instance, when two people separate, one household typically becomes two. As a consequence, both households need furniture, appliances and other necessities. Understandably, this stimulates economic growth.

Despite the fact that divorce may create a better economy, it certainly can be a difficult situation that negatively affects one's personal finances. Having to decide how to engage inproperty division and the splitting of shared assets can be challenging if both parties have differing opinions on these matters. In this case, the court may be asked to determine how to divide the assets in what it considers to be an equitable manner. However, by understanding the law and their rights, the two parties can proactively reach an agreement that allows both to leave the Virginia marriage in a financially positive position.

Source: kfbk.com, Is Divorce Helping Boost the Economy?, No author, Feb. 23, 2014

Recent Posts

Christian Curtis, LLC ALEXANDRIA VA
Christian Curtis, LLC ALEXANDRIA VA
blog_default.png