by Dr. Jeff Gardere
(Excerpted from the April/May issue of Sister 2 Sister magazine)

Our current financial meltdown, the worst since the Great Depression, has affected every aspect of our lives. We have stagnant salaries, rising unemployment, dropping home values and record home foreclosures and bankruptcies. The greedy jackals of Wall Street have destroyed our stocks, bonds, 401Ks and other retirement accounts. And if things weren’t bad enough, a new wrinkle: couples in failed marriages who want to divorce but in these economic hard times just cannot afford to! Instead they must postpone or give up divorce plans altogether. Oh, the agony!!

How expensive is a divorce? According to the Internet website divorce360.com, the cost of a divorce to a couple with at least one child, including attorney’s fees, financial advice, counseling and real estate costs for buying or renting separate homes is a staggering $53,000 to $188,000!

But this picture gets worse. Back in the good old days, when couples divorced to get a clean break and new financial start, they could sell and divide the profits from their most valuable marital asset: their home! But with plunging home values and 1 out of 6 mortgages being under water (the house is worth less than the mortgage), this asset has now become a liability and an albatross for most. In fact couples are now fighting to get their names off the deed and/or mortgage before the house falls into foreclosure. In addition, with most Americans unable to carry one household in this crumbling economy, after a divorce, how in the Sam Hill are they going to be able to afford two, especially if one of the spouses is a stay-at-home mom or dad?

Bottom line: In today’s world, a divorce can lead to financial ruin. Remember the old phrase, “It’s cheaper to keep her (or him)”? Well, it has now taken on a whole new significance and reality. Circuit courts across the country have reported downturns in the number of divorce and separation filings. The American Academy of Matrimonial Lawyers found that 37 percent have seen a decrease in the number of couples seeking a divorce, while just 19 percent saw an increase in divorce cases.