Recession Hits Divorce Lawyers

While the recession may be forcing you to shed your expenses and life style, it seems one thing you may not wish to shed right now, is your spouse.

According to a recent London study, fewer British couples are filing for divorce. And it’s for two main reasons. The huge drop in property values is making it much harder to sell a house. And the credit crunch kills any couples desire to fund a separate household.

The survey, published by Grant Thornton accountants, showed that almost half of all divorce lawyers polled believe the financial squeeze will continue to produce a slumping divorce rate. The study further showed that the number of people getting divorced in the UK is currently at its lowest rate in twenty six years.

Robert Kerr, one of the researchers for the study, says the results also show that newlyweds are eager to settle any financial obligations before tying the knot. And financially savvy lovebirds are staying away from pre-nuptials that don’t account for falling values of assets.

Kerr says this trend will continue as more people feel vulnerable about their financial position. So until our economy thrives again, that well known marriage vow “for better or worse” has become “for better or broke”.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)