What Are The Economic Issues Surrounding Divorce Or Relational Split?

1782 words - 8 pages

Forty percent of marriages in Canada end in divorce which is an outstanding statistic. There are more unmarried people in Canada over the age 15 than married people (News, 2010). Divorce is when two people who are married decide they are not in a healthy relationship anymore and make the decision to legally separate from each other. Many couples divorce because of various reasons such as lack of communication, abuse, affairs, and a big one; money issues. It puts its place into economics due to the supply and demand for divorce today. While divorce could have its benefits to economics, it also has several issues. The economic issues that occur are the amount of settlements and income tax; the amount one must pay in court and lawyer fees; and problems with children of divorce and child support the other separated parents must pay to one another. Those issues can put problems into their futures and also put a turn into the economy. When couples divorce it can put a huge hole in their pocket and put them in financial need.
An economic issue with divorce is that when a couple separates, they now have to pay taxes on their own. When couples get married, they will most likely get a joint bank account and pay taxes together, they are more likely to get better tax benefits. When those couples want to get a divorce, they now have to pay their taxes separately and not are able to receive from those helpful benefits such as, spousal transfers and decreasing your tax rate (Tax, 2013). When couples become ex-couples, they will have to pay two different taxes on their now separate living situations since now they have to pay two of everything rather than just one. Especially when parents get divorced and become a single parent, it gets harder for them to keep up with their taxes and financial situation. They can’t afford the life style they might have had prior to the divorce and can’t spend as much as they used to. When consumers can’t spend the way they were before, suppliers won’t be making the same amount of income that they used to be making due to the now divorced consumers paying a higher amount of taxes. Suppliers who aren’t getting the income they were receiving prior, they will have to cut down on their costs as well. When suppliers have to cut down their costs, it will put a problem to the labour to not getting the benefits and wages they were receiving before. There are ways to help divorced couples to help reduce the costs of the income taxes they pay once they become legally apart. They can reduce spousal support by deducting payments from your income or you can also pay spousal support by paying it over a period of time rather than all at once (Divorce, 2001-2007). They can help divorced couples save money from paying higher income taxes and save money towards other things. Taxation can be a burden on divorcing families and could cause economic issues.
The court and lawyer fees to get divorced from your wife or husband are an economic issue...

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