How Inflation is Affecting Divorces

November 11, 2022

As noted in a recent Wall Street Journal article, inflation is having a significant impact on divorces.  Increases in alimony and child-support payments tend to be tied to the consumer-price index, a measure of what consumers pay for goods and services that has grown at the fastest rate in four decades. Disputes over who gets to keep the house became more contentious when mortgage rates doubled this year as a result of the Federal Reserve’s efforts to stamp out inflation. And the market downturn, which followed the Fed’s rate increases, left already stressed couples fighting over shrinking 401(k)s and other investments. 

Higher legal bills add to the tension.

Higher legal bills add to the tension. The price of legal services rose 7.4% in September from a year earlier, according to the Labor Department. The cost of divorce varies widely depending on the complexity of the divorce and how many issues are contested. On average, divorcing spouses in the U.S. each pay $11,300 in attorneys’ fees, according to a 2019 survey by Nolo, a legal-information publisher.

Now–more than ever–is the time to choose a process that will limit overall divorce costs and create the best climate for taking advantage of creative and alternative financial solutions for your family.

Collaborative divorce averages less than $15,000 per family

Fortunately, the costs of a typical Collaborative divorce averages less than $15,000 per family. One-third less than the $22,600 national average! And it is a best practice, highly skilled technology unlike the bludgeoning of litigation and positional lawyer-driven negotiations.

 

Mr. Bort is the principal of Bort Law, a member of Collaborative Lhttps://gocollaborativepa.com/members/peter-e-bortaw Professionals of Southeastern Pennsylvania, Pennsylvania Council of Mediators, and Association of Conflict Resolution – Delaware Valley. He holds a B.A. from Binghamton University and a J.D. from Georgetown University Law Center. Mr. Bort has practiced family law for more than thirty years and has been a Mediator for over twenty-five years. Mr. Bort has administered more than one hundred decedent’s estates and has prepared wills and ancillary documents for more than one thousand families. Mr. Bort is a member of the Chester County Bar Association, the Montgomery Bar Association and a member of the PBA Family Law Section, the Montgomery Bar Association Family Law Section, Chester County Family Law Section, the Montgomery Bar Association Mediation Committee, the PBA Alternative Dispute Committee, a Mediator with the court-connected Custody Program of Montgomery County from 1999 to 2016, a Mediator with the Chester County Bar Association, a Director of the Board of the Montgomery Conflict Mediation Center, a Trustee of Dunwoody Village Continuing Care Retirement Community, and an Arbitrator with the U.S. District Court (EDPA), Delaware County Court of Common Pleas and Montgomery Court of Common Pleas.

Mr. Bort is a frequent presenter to lawyers, mediators and collaborative professionals.

Mr. Bort has been practicing mindfulness meditation for over thirty years.