Feb 21, 2022
Be Prepared for Higher Costs
Inflation has reached a 40-year high according to the latest figures for the Consumer Price Index released by the Bureau of Labor Statistics on February 10, 2022. Consumers are seeing prices rise for food, gas, clothing, and household goods to name a few. Further, inventory levels are low for such staples adding to the inflationary pressure. Another major area where consumers are struggling is the costs of housing to buy or rent. Divorcing parties are receiving above market prices for the sale of the marital residence but find they cannot afford the two households or are simply unable to find anywhere to live. It is increasingly important to not waste money over fruitless litigation in the divorce process since the costs of living is rising.
Michael Routh, an Attorney at Alpha Center for Divorce Mediation, discusses why it is important not to waste money over fruitless litigation in the divorce process since the costs of living is rising.
The simple fact is the price to rent living space is rising at a nationwide yearly rate of 14 percent with some urban areas seeing increases of 30-40 percent. People are increasingly looking for an opportunity to live on their own as the Covid pandemic lessens.
Couples who stayed together during this period are now seeking divorce and dividing their households. Faced with a pricey and competitive housing market, the number of first-time home buyers has fallen. Further adding to the rental increase is the expiration of rent freezes and other government methods to assist families during the pandemic. Couples facing divorce are tasked with the difficult decision on whether to continue to live together or struggle to afford the costs of rising rents.
Couples looking to sell their homes in lieu of a divorce are facing problems as well. Seemingly, having housing prices skyrocket would appear to be a bonus for motivated sellers. However, the issue is not the selling price but what to do when the marital residence is sold. Wealthy renters are driving the costs of housing higher as well as depleting the inventory of ideal rentals. Many couples have been forced to reconsider their plans for the future without having available housing at the ready.
Therefore, it makes sense to accept guidance from a firm that specializes in the practice of divorce mediation. Working together instead of against each other will ensure a smooth path along the difficult road of divorce. Alpha’s program may not be fast and cheap, but it will certainly save you time and money over the long run.
Let our expertise help ensure the best possible outcome for you, your spouse, and your family.
Alpha Center for Divorce Mediation