More rich people are getting divorced now, according to the American Bar Association

Don’t believe everything you read, but apparently, business is good for those divorce attorneys whose clients are in the upper echelons of the tax bracket. That is because, supposedly, rich folks figure the best time is now. Now when their assets’ net value has nose-dived. Now that their 401K has been pretty much wiped out. Now that they have been let go from their high powered jobs. Now that the boss has eliminated their bonus.
To be fair, the Journal interviewed only two lawyers for the article. One is in Philly. She said her firm is jammed with clients. (I’m sure almost all divorce attorneys in New York wish that was their particular problem.) But the Journal also interviewed another attorney in New York and she said she is definitely not seeing an increase in clients, but an increase in cases with a high level of complexity–particularly with respect to “how to value the assets.”
I have maintained that “timing a divorce” is of utmost consideration now that the recession has hit everyone so hard. And I would agree that if a couple’s marriage is in trouble, the monied spouse would be smart to think about filing now rather than a year from now when the economy will likely be in full throttle rebound.