Why Wealthier South Carolina Couples Are Divorcing During The Coronavirus Epidemic
It was recently reported that divorce filings have been skyrocketing during the current coronavirus epidemic. High net worth couples in particular seem poised to get divorced now rather than later.
The article specifically referenced data from New York family law experts, but we expect to see the same thing happen in Charleston and throughout the Lowcountry.
Forced confinement is affecting all married couples and is resulting in spouses reconsidering their relationship. Many are realizing that divorce is the best thing to do for their situation.
An Opportunity For A Favorable Charleston Divorce Settlement?
Still, the most interesting question is: Why are wealthier couples choosing to get divorced now rather than later?
Part of the reason is due to the dramatic volatility of the financial markets. By getting divorced now, when net worth is lower due to the market drops, the spouse that is earning money can potentially cause their soon to be ex-spouse to accept a lower settlement.
Financial issues are a key aspect of any divorce.
This is why it’s important to consult with a knowledgeable lawyer. Whether you are the spouse initiating divorce or the spouse that has just been served divorce papers, there are specific strategies that can be used to protect your future.
What The Demographics Say About Lowcountry Residents
The Peck Law Firm has three offices conveniently located throughout the Lowcountry. We pulled some demographic statistics for the zip codes of each of our offices and found that families in the communities we serve have a wide range of financial situations.
Over half of Mount Pleasant households have incomes above $75,000. On average, Mount Pleasant appears to be comprised of wealthier households.
Summerville households have incomes more concentrated in the $50,000 — $125,000 range, indicating a higher number of middle-class financial situations.
Charleston has a the widest range of household incomes, as well as a more even distribution of these incomes, than compared to Mount Pleasant or Summerville.
Ready To Help You
Many families in the Lowcountry are in higher net worth households and may have a higher likelihood of getting divorced during the current coronavirus epidemic.
The divorce courts are still open.
If you realize that you need to divorce your spouse, it’s crucial that you get help from a dedicated lawyer. Call our office today and get your free virtual consultation.