According to Ruben Law Firm—a San Francisco legal firm specializing in family law—divorce trends are always uniquely impacted by patterns seen throughout the United States that may not always seem as directly connected to the decision to end a marriage. From social shifts to economic patterns, the staff at Ruben has found that many factors can suggest a spike or decline in divorces experienced throughout the country. As such, a recent article from Investment News has won the attention of the San Francisco-based law firm, as it uncovers intriguing statistics regarding the economy’s impact on marital splits.
According to Investment News, “Now that the economy is showing signs of getting back on its feet, more couples are calling it quits. In 2011, 877,000 U.S. couples filed for divorce, up from 872,000 the year before, according to the National Vital Statistics Reports from the Centers for Disease Control and Prevention. During the recession, the number of divorces actually dropped, presumably due to high legal fees and falling incomes, home values and investments. In 2009, 840,000 couples filed for divorce, down 3.7 percent from 872,000 in 2006.”
Having witnessed similar trends throughout the cases it has represented, Ruben Law Firm comments in a recent press statement, “Many couples over the last few years have remained in very unpleasant circumstances due to the economy and the fact that they could not afford a divorce. Now that the economy is turning around, the volume of new filings has increased dramatically because people now can afford to dissolve the marriage and move on with their lives.”
While these economic shifts may have made a significant impact on how married couples approach divorce, the legal team at Ruben notes that the decision to pursue a marital split should not rest on finances alone. In its press statement, the firm comments, “Divorce is not always as simple as choosing the most economic time to split, and financial matters should not be the driving factor to pursue a divorce. Individuals who are in an unhealthy marriage and want to pursue divorce should begin looking for representation as soon as they are sure, so that they do not have to continue living in a disruptive partnership. While many may legally split for financial reasons, the costs of staying in an unhealthy marriage can prove much greater than simply waiting for the economy to turn around to pursue a divorce.”
The connection between finances and marital separation also raises an important factor that many couples fail to address when pursuing a divorce—managing those accounts in a way that is organized and fair to both parties. Ruben Law Firm supports the advice of Investment News for divorcing couples to not only utilize the full services of a specialized divorce attorney, but to also refer to financial advisors. In the article, tax attorney Martin M. Shenkman adds, “The trauma, antagonism and cost of going through a divorce are so high that at the end of the divorce, the planning that people should do is neglected.”
“While the long-term costs of a divorce—such as those involved with taxes and retirement accounts—may not seem as much as priority as actually separating, it is essential for all couples to fully address these matters so there are no surprises in the future,” the law firm explains in its press statement. For example, Investment News explains, “Consider, for example, the tax distinctions between child support and alimony. Child support is tax- free to the recipient, while alimony is taxable to the recipient and tax-deductible to the payer. Most of the time, recipients aren’t thinking of the taxes tied to alimony, advisers say. A poorly structured alimony deal can wreak havoc on a recipient’s financial plan.”
Although many divorces can become drawn-out due to financial matters and other arguments, Ruben notes that it is its goal to provide thorough representation to address matters as efficiently and expeditiously as possible to satisfy the needs of the client. As the economy encourages more and more unhappy couples to pursue divorces, many are finding that it is important to fully lie out and address financial expectations so that problems are resolved before they occur once the divorce has been filed. As such, the trusted team at Ruben Law Firm continues to offer comprehensive legal representation to address the many stipulations that divorce can entail—including complicated financial matters.
The Ruben Law Firm, based in San Francisco, California, offers legal support to clients who are facing cases within the practice area of family law. Stephen B. Ruben, managing partner, has provided his guidance to clients for over three decades. As a Certified Family Law Specialist and a Certified Family Law Mediator, he has the qualifications necessary to offer representation to clients facing a wide range of issues. The diverse team at this law firm provides litigation, collaborative support and mediation to clients while upholding a high standard of customer service.