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The recent financial crisis is affecting every Australian in one way or another. It’s nearly impossible to find someone that hasn’t lost a job, doesn’t know someone who has lost a job, has side-stepped losing large amounts of money connected with the stock market, or doesn’t worry just a little about his or her financial future. Besides the obvious effects of the dismal economy, one not so obvious effect has surfaced: a decline in the divorce rate.
Evidently, Australians are thinking twice before leaving their spouses now that we are in an official recession. Two can live more cheaply than one, and married couples are putting this logic above their wishes to leave an unhappy or faltering union. Many are hoping to hang on until the economic picture brightens a little and they are able to survive on their own.
The divorce process can be quite costly, and then there are payments to the ex-spouse to consider as well as the cost of raising children alone in some cases. Hard-earned assets are typically split evenly, leaving each of the parties to once again build up assets to match the pre-divorce values.
Even those who have divorced their spouses are attempting to re-open their divorce cases in order to receive a larger settlement. There are currently two well-publicised cases: Brian Myerson in London and Steven Simpkin in New York. The ex-wives of both men opted to take mainly cash and properties in their divorce settlements, while the two men kept their (at the time) impressive investment funds.
When the recession hit full force, the investment funds took a dive, and Myerson and Simpkin attempted to take their settlements back to court to regain some of their losses. Both cases are pending. A sensible person would ask, “What if the investment funds had taken a leap in the other direction? Would these men be offering their ex-wives a portion of their profits?” Probably not.
Fortunately (or unfortunately, depending on your situation), Australians are unlikely to see cases such as these with successful endings. The overall attitude in the courts so far has been that allowing these types of cases would do nothing more than make a mockery of the current divorce proceedings and laws. By the way, a few Australians have already attempted to re-open divorce settlements because of the declining value of their assets. So far, no victory has been claimed.
While the divorce rate across Australia continues to decline, requests for pre-nuptial agreements have seen new heights. This is a popular way to ensure that the assets each spouse brings into the marriage will still be the property of the spouse should the marriage end in divorce. Brides and grooms entering into a second (or higher number) marriage usually have more reason to want to protect what they already own.
Perhaps the current recession will make some of us work a little harder at keeping our marriages together and finding ways to compromise. No one can be expected to remain in a marriage that involves abuse, but maybe marriages that are falling apart because of “irreconcilable differences” can be mended. Time will tell.
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One of the other effects of the recession is reduced working hours.
One of the main reasons for divorce is alienation due to long hours spent at work. With the recession there is less work around and husbands have more time for their wives (and also wives more time for husbands)
Seduction is 10% opportunity and 90% proximity. It works in a relationship too.
Regards
John
Comment by John Biasutti — July 14, 2009 @ 10:44 pm
I for one am happy that getting a divorce is more difficult these days, unless of course, abuse or cheating are happening in the marriage. In cases where this is happening I would hope that the people involved in the marriage would find a way to separate and go their different ways without a lot of hassle. A great book that has helped my sister break away and divorce her abusive husband without breaking her bank, is a book titled “Divorce Mediation from the Inside Out: A Mindful Approach to Divorce,” by Ora Schwartzberg. She really needed to get out and she was grateful to find alternative options to help her get the divorce.
Comment by Becky — July 24, 2009 @ 9:54 pm