Money long has been known to lead to stresses between couples, then often to divorce. However, it isn’t just relationships among people in lower income brackets who argue over money. In fact, people who are well-off often financially also can find themselves divorcing, too.
A strong economy — like the one we have now — generally leads to higher incomes. That can lead to more divorces.
That’s according to the American Academy of Matrimonial Lawyers, which reports that couples often are likely to divorce in the midst of an economic explosion.
“It’s easier to swallow when your net worth is higher,” said a past president of the organization. “Essentially, people feel there’s more money left over after they dissolve their marriage and split up the spoils.”
In fact, attorneys polled by the organization said, by a 2-to-1 margin, that they usually see a drop in the number of divorces when the economy turns sour. When finances are uncertain, more couples decide to wait things out.
“It’s easier to write a check for $5 million when you have $10 million than it is to write a check for $50 when you have for $100,” the past president said.
It doesn’t mean these economic-boom divorces are easy. In fact, these couples might have more complex assets to share, such as collections, antiques or art. That’s when professionals who are skilled at determining the value for personal property are often brought into the proceedings.
Divorce is complex no matter what your economic status. However, the more money there is in a marriage, the more there is to worry about splitting. An experienced family law attorney can guide you through the process.