ABSTRACT
This chapter shows that economics can provide insights about marriage and divorce that go far beyond the valuation of property affected by marriage and divorce. It introduces the economic principles that can be used to more clearly understand the introduction and effects of no-fault divorce. Gary Becker argued that the economic approach can be used to explain the variety of marriage patterns around the world. The economic analysis of the decision to marry focuses on the parties' expectation that marriage will increase their individual welfare--that marriage will expand the "commodities" available to them compared with those available if they remained single. Economists assume that subject to the constraints they face, people attempt to obtain the bundle of commodities that provides them with the highest level of welfare. Economics thus provides an alternate explanation for marriage being associated with children. Less specialization during marriage increases the probability of divorce. Decisions during a marriage affect the wealth of the parties.
