The current state of the economy makes it more difficult for some couples who want to go their separate ways to follow through with a divorce. With the housing market at a bust and the national unemployment rate reaching a 25-year high, many couples believe that they simply cannot afford a divorce in this economy.

The New Challenges of Divorce

The family home is the most valuable asset owned by the majority of married couples. During a divorce, the court may award the home to one of the spouses, or the house may be sold with each spouse receiving a share of the profit. Or rather, this is what generally happens in a stable economy. But what happens when the home is worth less than what is owed on it? Or if the house has been on the market for months and just will not sell, and neither spouse can afford to keep it?

This is the situation in which many married people find themselves. Their most valuable asset is not worth what they invested in it, and breaking even may be the best they can hope for.

It is not just the family home that is devalued in today's market. 401ks, mutual funds, bonds and other retirement savings have lost significant value. While economists believe these accounts eventually will rebound, this is of little comfort to couples who want a divorce now and not after the economy recovers.

The unemployment rate also creates obstacles for those contemplating divorce. Some spouses who have lost their jobs have decided to stay home and care for the children. This can help ease the burden of paying for childcare, especially on one income. But in a divorce, a spouse without a stable income could have problems proving to the court that he or she is best suited for primary custody of the children.

The high unemployment rate also makes it more difficult for spouses to find jobs with sustainable salaries that will allow them to live independently from one another. Some married couples are discovering that once their assets are divided between the two of them, there may not be enough left over to pay the couples' debt, let alone to begin new, separate lives.

Staying in a Bad Marriage Does Not Have to Be the Only Option

No matter how bleak some couples' situations may seem, the truth of the matter is that divorce does not stop for the economy. If someone is truly unhappy in a marriage, then they owe it to themselves and any children they may have to get out of a bad situation. This is particularly true if the couple has reached a point where they cannot be amicable with one another anymore. How can a couple who cannot be in the same room together contemplate remaining in a broken marriage?

There may be options available to help ease the financial burden of a divorce. For example, the couple may decide to file for bankruptcy before or after filing for divorce. Depending on the spouses' financial circumstances, a Chapter 7 bankruptcy can help eliminate some of the consumer debt they have, such as credit card bills and car loans. If the couple is behind on their mortgage payments and facing foreclosure, they may be able to restructure the payments, either through their lender or through a Chapter 13 bankruptcy.

Spouses also may have the option of short selling their home rather than losing it to foreclosure. When a house is sold in a short sale, the lender will keep all of the proceeds from the sale and the homeowner's mortgage debt will be considered paid in full, even if the lender received less in the sale than what was owed on the house.

Conclusion

Even though some couples may feel they cannot financially afford a divorce, the real question is whether they can emotionally afford not to get one. The economy will eventually recover, but it is going to take time. How many more months or years should a couple lose to a bad marriage? For more information on divorce options, it is best to contact an experienced family law attorney.