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Is family law linked to the state of the economy?

On Behalf of | Jun 6, 2019 | Family Law

Learning that the economy is doing well may come as welcome news to people in Ohio. Stronger economies usually mean higher incomes, which can positively benefit many other areas of life. But is it all good news? Having a stronger economy and higher incomes actually influences certain aspects of family law.

Despite what some people might think, the increased financial security of a strong economy does not alleviate the money worries that many couples experience. Since money is a significant contributor to stress in relationships and a common contributor to divorce, it would probably take more than a slightly higher influx of cash to alleviate that problem. Instead, having more money gives some people the confidence to leave an unhappy marriage. Here is why.

Economic downturns generally involve lost jobs, lower wages and less job security. During these types of poor economic times, people who want to file for divorce might put off doing so if they are worried about their future finances. Once the economy improves, these people might have the confidence to finally pursue divorce.

Getting a divorce can indeed impact a person’s finances, but probably not as much as people might believe. There is no need to put off filing for divorce if money is a concern. Most people in Ohio can preserve their financial security after divorce. For those who are worried that they cannot maintain their current lifestyles, child support and alimony payments can also help. Figuring out these details can be confusing, though, so an experienced family law attorney might be able to better explain a person’s options.