From Bloomberg: A retired Wall Street executive, who has been happily married for 25 years, is creating a website he hopes will be a top destination for people going through divorces and breakups.
Phil Yagoda, who spent more than two decades on Wall Street, including a stint as a managing director at Deutsche Bank, launched The Exit in December with content focused on what couples can expect to encounter emotionally and financially during a divorce and how to navigate the often painful twists and turns. Visitors to the site can find articles on everything from making a breakup plan to managing finances in the aftermath of a split to embracing newfound singledom.
“We’re like the WebMD, we’re a place to go for the most amount of information,” Yagoda, 50, said.
He’s entering the market following an upswing in marital strain tied to pandemic lockdowns, though data from the US Centers for Disease Control and Prevention show a longer-term decline for US divorce and marriage rates. About two out of every 1,000 people got divorced in the US in 2020, half the rate from 2000. Marriage rates have also plummeted, to about five per 1,000 in 2020 from eight per 1,000 in 2000.
While those numbers may suggest a shrinking market for information about how to get through a divorce, Yagoda sees opportunity. He suspects the declining marriage rates could reflect disillusionment among singles who have seen friends and relatives go through painful splits, so anything he can do to make the process easier may improve perceptions of the institution and lead to more marriages, he said.
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