Divorce in an Economic Downturn
Timing in life is important. This is particularly true in divorce. Generally, one spouse but not both will benefit from the passage of time in a divorce case. In an economic downturn, business owners and breadwinners benefit. Lower incomes generally yield lower child support and alimony payments. Interrelatedly, an economic downturn may provide an opportunity to reduce an existing child support and/or alimony obligation, if it creates a substantial adverse change in circumstances outside through no fault of the paying party. In divorce cases, business interests may be valued far lower than in a time of economic prosperity. Additionally, if marital debt is leveraged against the family home in a mortgage, the wage earner may enjoy a more favorable property division. While no two cases are the same, an economic downturn may yield significant advantages to wage-earners and business owners in a divorce.
If you have questions related to divorce, please contact Patrick Boyer at 302-654-4454 or [email protected].