Uptick in Georgia Economy Impacts Atlanta Divorce Finances

For many Atlanta area couples, the divorce process has been profoundly affected by the Great Recession and its aftermath.

The issues vary, of course, from couple to couple. Some separating couples may run into difficulty with selling a house or qualifying for a mortgage on another one. Others may be dealing with property division or alimony issues at a time when asset values have taken such substantial hits.

But the recession officially ended in 2009. After three years of painfully slow economic recovery, are there finally encouraging signs on the horizon?

A recent Census Bureau report contains grounds for a degree of optimism about the economy in Georgia. According to this report, median household income was up in Georgia last year. The increase was 4.2 percent from 2010 to 2011, up to $45,973.

That was the good news. The bad news is that median income – $45is still 7 percent below its peak in 2006. Where does median income stand in Georgia, after the increase last year?

The Census report did, however, contain one other encouraging item. The percentage of people in Georgia with health insurance coverage increased slightly.

For someone considering divorce, this is significant because health coverage for spouses and minor children is often an issue when couples split up. Indeed, Georgia has the seventh highest rate of people without insurance in the country.

Statewide, there were 1.86 Georgians without health insurance last year. To be sure, that’s still a lot, but it’s down from over 2 million in 2009.

The U.S. Supreme Court’s upheld the federal health insurance law in June. Georgia officials are still weighing the state’s options on how to respond to that ruling.

Source: “Georgians see hint of a rebound,” Atlanta Journal-Constitution, Craig Schneider and Misty Williams, 9-12-12

Our firm handles situations similar to those discussed in this post.

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