Falling property prices have pushed equities lower for the past nine months, constrained credit and ... forced British couples to stay married?
According to a study by accounting firm Grant Thornton, divorce filings have fallen precipitously in the United Kingdom. Fallout from the worldwide financial crisis has made it harder for couples to sell a jointly owned home and impairs the ability for each soon-to-be-ex-partner to start and sustain an individual lifestyle.
The U.K. Office for National Statistics put the number of divorce filings at 12.2 per 1,000 marriages in 2006 and 11.9 in 2007 -- a 26-year low.
Fortunately, the recession is leading to good behavior, too. More couples are thinking about financial matters before getting hitched. They are settling the financial stuff ahead of time. Also, the number of prenuptial "lump sum agreements" is declining, as the changing value of assets could leave one partner with a disproportionately high bill upon divorce. This could cut the other way, as well, as assets brought into a marriage now could increase substantially over the next five or 10 years.
Lawyers, of course, are likely to suffer most. The shark tank, as a result of this trend, will be absent its usual supply of flesh.
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