No fault divorce's impact on RE

Recently, 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... [more]

Recently, 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. 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. Teplitzky expects 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? Other sectors that stand to benefit from a surge in split households? Housecleaning services, home furnishing stores and, of course, moving companies. [less]