As a certified divorce financial consultant and divorce coach, I’m here to give you an inside scoop on the upcoming divorce trends for 2023-2024. These trends will help you make the right decisions for you and your family during this difficult time.
Divorce and the Pandemic
The ongoing pandemic has had a significant impact on the rate of divorce across the globe. As the world has been in lockdown, many couples have been forced to spend more time together than normal, leading to conflicts and issues that may have been simmering beneath the surface. Many couples have found it challenging to work through these problems. That’s why it’s likely that the continued pandemic will also lead to a rise in divorces in 2023-2024.
Remote divorce mediation become more popular
With everything becoming more virtual and remote, it’s not surprising that divorce mediation is also moving into the digital age. Video-conference calls will allow couples to settle their divorce via remote mediation, which will be a game-changer for those who cannot leave work or who live far away from the mediator's office.
Custody disputes will be more prevalent
The pandemic has brought many changes, with one of the most significant impacts being on families. Remote working has blurred the lines between work and home life, limiting the time parents spend with their children. As such, custody disputes are expected to rise, with middle-aged parents in high-conflict situations. Additionally, there will be an increase in older women staying in unhappy marriages, with the fear of losing custody battles as a significant factor.
Co-parenting will be more common
Many couples have embraced the notion of sharing parenting responsibilities, and this trend will continue in the future, as more couples opt for co-parenting agreements. This collaborative approach will help children cope with the divorce process, while allowing both parents to stay involved in their children's lives. Co-parenting agreements will focus on communication, flexibility, and shared decision-making between parents.
Shift in Attitudes Towards Marriages
The traditional view of marriage has been slowly fading for years now. Living in a world where the average person is living 80-90 years, a lifelong marriage is no longer realistic for everyone. As alternative types of relationships (such as cohabitation and open marriages) become more accepted, it’s no longer necessary for people to stay in marriages that no longer serve their best interests.
Women Taking Control of Their Finances
Gone are the days when women waited on their husbands to handle all the financial responsibilities in a marriage. In 2023-2024, we’re likely to see more women assuming greater management of their finances, especially if they’re going through a divorce. Now, more women are taking a proactive approach, which is leading them to create their own financial plans and goals. Our society is finally accepting that women are as capable as men when it comes to finances.
High Net Worth Divorces
As we head into the period of 2023-2024, high net worth couples and high-profile divorces of billionaires and immensely wealthy celebrities splashed across headlines, complexities arising in designated family court may discourage couples from opting for the traditional route. Instead, they could choose to hire Collaborative practices, mediators, or arbitrators who can help them resolve differences caused by the division of large assets.
Financial planning will be more critical
Divorcing couples will have to pay more attention to their finances to ensure they don't face financial hardships post-divorce. Divorce financial planning will be in high demand, with more women seeking the help of certified divorce financial consultants. These consultants will work with clients to address financial concerns such as the division of assets, child support, and alimony.
Emphasis on Mental Health During Divorce
One of the most significant trends we're likely to witness in 2023-2024 is an emphasis on mental health during the process of divorce. Divorce can have an impact on one's psychological state. The mental health challenges that come with a divorce can be overwhelming and debilitating if not addressed. It’s anticipated that there will be more awareness and incorporation of mental health guidance, therapy or expert inclusion in divorce mediation to help divorcing couples.
As we head into the year 2024, the divorce trends will continue to evolve with the changing times. Understanding the trends that are likely to emerge will help you prepare and plan for your upcoming divorce. Whether it’s being financially prepared, prioritizing your mental health or looking to alternative way of dispute resolution, the focus is about what you need to move forward and create a fulfilling future for yourself and your family. Remember, it’s not just about surviving divorce but successfully rebuilding your new life after a divorce.
With financial planning being more critical post-divorce, it's vital to seek the services of certified divorce financial consultants to ensure a secure financial future.
If you need help figuring out your divorce possible outcomes and working on how it can be a good thing for you to contact us
Are you getting closer to your settlement or having post divorce questions? Contact us at and check out www.financial-sherpa.com
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