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Marriage – Managing Coronavirus

A virus that has caused widespread damage to our economy and way of life has struck America. It has been completely disruptive, and the after-effects will be felt for years if not decades to come. But during this time when some things have changed so fast that all of our lives were flipped upside down, some relationships are being sorely tested and some ripped apart.

Marriages in the United States are not immune to failure. Divorce is not an uncommon experience. 40 to 50 percent of marriages in America end in divorce. Subsequent marriages tend to exhibit an even higher divorce rate. The coronavirus pandemic saw people sheltering in place all over the world and thrust into close proximity for long periods with their spouses. The stress of the lockdown, the uncertainty of the future, and money worries caused a massive spike in the divorce rates in China, Europe, and other places. If their statistics are anything to go by, we could see the same or worse levels here in the United States.

A survey found that just over one-third of couples said the quarantine had harmed their relationship. It’s currently impossible to know just how much divorce filings are increasing because courts have been closed across the nation. Los Angeles County, the nation's largest court system, has been closed with not even any electronic filing available, except for emergencies.

Essentially, everything is on hold, but as soon as things can be filed, it might end up being a bit of a dogfight trying to get your case dealt with. In places that are now reopening like New York City, they have to deal with the backlog of divorces that were already in process from before COVID struck and caused widespread havoc before they start looking at any new filings. If you wanted a divorce in New York, it was close to impossible. Even celebrities were turned away. Mary-Kate Olsen was denied an emergency divorce from her husband because it wasn't deemed an "essential" matter in New York's pandemic-closed courts.

The economic uncertainty the world is going through might also be a big factor in couples being under enormous strain. The number one issue couples fight about is money. According to research, money fights are the second leading cause of divorce, behind infidelity. Making sure your finances are in order and you and your partner have good open communication about goals and money, is a way to try and eliminate any nasty fights down the road. 

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

 

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