I just read an article by Marty Orgel of San Francisco’s Market Watch.
He states that, “The recession and economic turmoil is creating a new class of casualties: Married couples who can’t afford to get divorced. In these tough times many people are finding it’s cheaper to stay together, even when they can’t stand each other.”
This is not new news! Statistics have shown for years that a family’s financial wealth plays a huge role in whether or not they divorce. It is not the economy in and of itself that that is the catalyst in holding couples together. It is the individual wealth of the couple that may or may not tend to hold them together. Any people who are contemplating divorce must realize that the divorce process and separation of the household into two households=more money spent=less total money in the pocket, or more accurately in the pocketbook.
When stay at home moms are added to the divorce formula, the impact is even greater. According to statistics, which vary in degree, according who is presenting them, the husband ends up with a standard of living between 10 and 40% better than before he divorced. The wife finds her standard of living between 10 and 35% lower than when she was married. The stay at home mom is on the low end of the statistics of the divorced wives. The fear factor for these women is astonishing and not to be taken lightly.
The article quoted Bonnie Booden, a family law and divorce attorney in Phoenix. She stated that, “Some clients have split up bedrooms and continue to live in the same house. Some split child-care duties so they don’t have to deal with each other and live that way until they can figure out what to do. And I’ve had people who just throw in the towel and get divorces anyway, creating financial ruin for themselves.”
Once again, this is old news. This economy is terrifying but living in a home with people who loath each other is not a good idea for anyone involved. It takes a toll on everyone including the children. After having said that, the economy’s downfall guarantees a hard hit to women who received a portion of 401K’s in their settlements. Now these baby boomers are facing retirement with almost nothing. The bottom line is the same old same old. If a divorcing couple could divorce with respect and concern for their soon to be ex spouse, the financial annihilation for the wife would be minimized.
