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Upside of a downturn - 19 June 2008

Posted by Paul Collins No comments


Get away from me...

Bleak times, it seems, are ahead for the property market in the UK, as the Chancellor and various banking institutions compete to come out with the gloomiest predictions for our immediate economic prospects. The situation in the property market in Spain is not much better, as scandal and oversupply hit prices and leave some of the more ambitious development projects scaled-down or even abandoned.

All of this gloom in the market has produced an unexpected by-product in Spanish society, according to our Spanish correspondent, Sarah Drane. Sarah sent me an article this week with news that the number of divorce cases in Spain has fallen by 22 per cent in the first quarter of 2008, compared to the same period last year. According to official Spanish figures, the 4,500 divorces in the first three months of 2008 compares with nearly 5,800 in the same three months of 2007.

The Spanish media are reporting that this drop in the decrees nisi or absolute being issued is down to the parlous state of the country’s economy, and in particular, the problems being experienced in the housing market. The idea that people who clearly have issues living together should continue to do so for the sake of their separate financial futures is an interesting one, but the result could be both economically and emotionally advantageous.

If waiting to make the break of divorce until the property market is in a better state works, it may also mean that fewer of the warring couples in question go on to divorce after all. While it would not be true to say that all decisions of this nature are taken in the heat of the moment, most couples will admit that any situation could benefit from more time to talk things through, and even to have a ‘cooling off’ period in which to consider options.

Even those couples who do end by getting divorced after this forced period of extended cohabitation may be able to resolve their differences enough to remain friends. If not, at least they will be sure they made the right decision…

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