Will no-fault divorce save NYC real estate?
Last week, New York became the last state in the nation to adopt some form of no-fault divorce. With some family law attorneys predicting a quick uptick in the local divorce rate, what might that do for real estate? Only good things, we presume, as two households will be needed where there previously was one.
In census circles, divorce is a significant driver of "household creation," a figure that typically slumps along with the economy: Only 500,000 U.S. households were created annually over the past few years, about half as much as earlier in the decade.
To what extent could New York's no-fault law change reverse that trend?
Real estate broker Jacky Teplitzky told us that divorce already drives about 15 percent of her business In a state that failed to make Daily Beast's recently published list of 50 U.S. cities with the highest divorce rates.
Does Teplitzky expect to hear from more "couples" who've been putting off divorce for financial reasons, but decide that the ease and reduced cost of no-fault divorce (which includes a provision requiring the more 'monied' party to foot the legal bills) is reason enough to finally throw in the towel and call a broker?
"Unfortunately, the answer is yes," she says.
Other sectors that stand to benefit from a surge in split households? Housecleaning services, home furnishing stores and, of course, moving companies.
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