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The role of wealth in divorce
The role of wealth in divorce

The role of wealth in divorce

On Behalf of | Oct 17, 2018 | Divorce, Firm News |

Some Florida couples experience trouble in their relationship over money. SunTrust Bank conducted a survey in which 35 percent of people said that money was the main reason for conflict in their relationship. The Federal Reserve Board reports a correlation between relationship longevity and credit scores with people who have higher scores staying in committed relationships longer. Couples also stay together longer when their credit scores are similar.

However, all of this does not necessarily add up to wealthy couples being less likely to divorce; the American Association of Matrimonial Lawyers reports that divorces increase when the economy is good and drop when it is bad. There are several stresses that could cause wealthy couples to divorce. One is that even though one or both spouses may be high earners, they might be big spenders as well. One attorney says that he has seen high-income couples with no money in their 401(k).

In high-income couples, it is not uncommon for one person to make most or all of the money. The income disparity this creates can be difficult for a couple. One person may also be traveling and working long hours, and the couple may spend little time together. Tension may arise in two-income couples if they still stick to traditional gender roles such as having the husband manage all the finances.

If one person goes into the divorce without much knowledge of the marital finances, that person could be more likely to make poor decisions while dividing property. For example, the person may not know how much upkeep, insurance and other house costs are and therefore may not realize the home is too expensive to keep in the divorce. The person may want to get tax records, bank statements and other financial information and talk to an attorney about how to approach property division.


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