How having more money could increase divorce risk

| Oct 17, 2018 | Uncategorized

Illinois couples who are wealthy might be more likely to get a divorce than those who have less money. Furthermore, the American Academy of Matrimonial Lawyers reports that divorce rates increase during times of economic surges and decrease during economic declines. Faced with the financial costs of divorce, some couples decide to stick it out.

Money is often a source of conflict between couples as well. In a survey conducted by SunTrust Bank, 35 percent of people said finances were a major issue in their relationship. The Federal Reserve Board has reported that couples with disparate credit scores are more vulnerable to divorce than those who have similar scores. People with higher credit scores are likelier to stay in a relationship.

However, wealth comes with its own set of stresses. One attorney reports that people with high incomes often spend a lot as well and may have no money put away for retirement. There may also be large income disparities in these relationships with one person making most of the income, which could create stress. When one person earns most of the income, he or she could also be working long hours and traveling for work, and this lack of time with his or her spouse can put a strain on the marriage. Another source of stress is when the husband in two-income households still manages all finances.

In that situation, it can be important for both people to go into the divorce with a full understanding of marital finances. Otherwise, the person who did not deal with the finances during the marriage could be at a disadvantage in divorce negotiations. There are even cases in which one spouse attempts to hide assets from the other. In situations that are less volatile, couples might be able to negotiate an agreement for property division in lieu of litigation.

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