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Marshall Davis Brown Jr: Divorce and the Recession

Tuesday, March 26, 2013

Divorce and the Recession

For the past five or six years it's been no secret that the American economy has taken a hit. The word 'recession' makes its way into the headlines of nearly every US newspaper, not to mention the talk of jobs, budget cuts, et cetera. Nearly every facet of the American lifestyle is suffering – and divorce law is no exception.

Take, for example, Irene Georgakis, a housewife who, in 2007, discovered that her husband was having an affair and she'd have to file for divorce. In the midst of the lawsuit, her husband, who owns five companies in New York, is claiming poverty in an attempt to avoid paying support. Irene is just one spouse out of the many couples that are fighting both their divorce cases and the economy. While some are avoiding the situation ever, choosing their lives in their bad marriages over the potential bankruptcy that could come with divorce, others are taking their cases back to court.

According to Cynthia Hartwell, a divorce attorney, it's a good time for breadwinners to get divorced. "They can come to the court with a compelling argument that they can no longer earn what they used to earn," she says. "The court is not going to impose an order on someone whose job situation has changed dramatically."

When both spouses are out of work, it's particularly vexing for courts to order support demands. Take, for example, one of attorney Steve Eisman's clients, who was a mortgage broker. She no longer has income, and her husband, who was a banker, got laid off. They've got no income to speak of now – how can support be agreed upon? Those who once owned assets are now writing checks that represent them at their lowest value – and happily.

Or how about in Houston, where a horse-breeder, who was represented by attorney Marshall Davis Brown of TX, and his spouse, a web-designer, decided to split. The wife was originally entitled to $100,000 of the $300,000 shared investment account, but when the economy nosedived, it became apparent to the wife's misfortune that those gains were not going to happen.

These are a just a few cases in which money is making divorce an even more unpleasant experience, if that's possible. While some may have once repressed their negative feelings toward their ex-spouses due to receiving alimony, there's now nothing to quell the animosity.


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