It seems as though the current economic downturn could be having an unexpected effect on divorce rates. Before the economic crisis started, many couples paid for solicitors fees using credit cards, however this practice seems to have all but stopped – perhaps as some people stop and pause before embarking on divorce and separation.
At the height of the credit card boom, many people going through divorce simply put their legal fees onto a credit card but as the trend for saving and paying off debts looks set to continue, the practice of paying for divorce on credit seems to be dying out.
In one of our recent blog posts we commented on a poll by Resolution which highlighted that 13% of married people had seriously considered divorce but had ultimately decided against it. This seems to suggest that over three million people in the UK had, for whatever reason, stepped back from the divorce at the eleventh hour, opting to give their marriage a second chance.
It’s still unclear what the full effects of the recesscion will be upon divorce, however new figures recently released by the Ministry of Justice show that the number of divorces granted by the courts in England and Wales was slightly higher than last year but that the number was still much higher than pre-2010 divorce rates.
It could be that people generally have less money and with their incomes being less secure, there may be a feeling of reluctance to leave the financial security of marriage and branch out alone.