Colorado families may see their divorce impact the economy

When Colorado couples make the decision to divorce, they may not be aware of the financial implications. Those who have a great deal of assets may even have more to contend with, as they try to determine how to divide marital property that can include homes, money and valuable personal property. Researchers have suggested lately that divorce can have both positive and negative effects on the national economy for many reasons, particularly when those divorces involve a significant amount of assets.

In 2009, the divorce rate was the lowest it had been in 40 years, attributable to the fledgling economy, many experts theorized. A short three years later, as the economy improved, the divorce rate rose. The costs of having a divorce can be significant, depending on the exact terms, which can have an affect on the financial situation of many families who now must provide for two households instead of just one. On the other side, divorce has helped the housing market, as families now frequently own two homes, or one parent rents an apartment. Around a third of construction in residential areas results from divorced spouses needing a new home. 

As for CEOs running their own companies, they have seen negative impacts -- one study from last year found that many CEOs have to resign once they divorce. This can also lead to them losing their influence over the company, even if they simply move to another position. Companies have self-reported that just over a third of them have experienced negative effects on employee productivity when the employee divorces.

Those here in Colorado who decide to divorce and are concerned about how their assets will be divided may find it helpful to seek advice and guidance about the laws that surround high-asset divorces. It is important that all parties consider what will be in the best interests of everyone involved, especially any children. Each person will soon have a separate life and path toward the future and that can be a positive focus.

Source: tulsaworld.com, "Divorce has an impact on American economy", Rod Walton, Sept. 14, 2014

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