Tuesday, December 13, 2011

Divorce numbers boosted by credit crisis – and Christmas is coming

Financial stress caused by the credit crisis could be the reason more marriages are failing and divorce numbers increased by 5pc last year, according to the Office for National Statistics (ONS).

One third of all marriages now fail within 15 years, compared to little more than a fifth of those where the wedding occurred 15 years earlier. Those most at risk of divorce are men and women aged between 40 and 44.

Nearly 120,000 marriages ended in divorce last year, compared to just under 114,000 the year before. The increase in 2010 reversed the downward trend since 2003.

An ONS analyst said: “One theory suggests that recession could contribute to a rise in partnership break-ups because of increased financial strain, changes in employment and related lifestyle changes.

“Social research in Britain has shown that unemployment and downturns in the housing market may be associated with family instability. In addition some individuals may believe they will get a more favourable divorce settlement if their income is currently low.” more