Economic growth and increased wealth may increase divorce odds

| Oct 16, 2018 | Divorce |

While couples tying the knot in Texas often have visions of being together forever, there are many potential sources of stress that can have a big impact on marital relationships. The biggest one, according to a survey of more than 2,000 adults, is money. Not surprisingly, couples who are pretty much in sync financially are less likely to split because of money issues. Conversely, spouses with significantly mismatched credit scores are more likely to separate within five years of saying, “I do.”

However, wealthy couples may still end up seeking divorce because of other financially-related issues. For instance, some high-net-worth couples experience marital stress due to the expenses related to maintaining their lifestyles. There are also situations where one spouse is the primary or higher earner, which may result in underlying issues with economic disparity among spouses.

It’s not unusual to have two-income households where both spouses contribute equally, but there are still situations where the husband is the main or sole earner and the wife remains at home to care for the children. If the higher-earner also spends many hours at the office or away from home for business, issues may arise. On a broader level, a survey conducted by the American Academy of Matrimonial Lawyers found that lawyers are more likely to have a higher divorce caseload when the economy is booming. One possible reason for this is that divorce can be expensive.

No matter what leads to the decision to end a marriage, an attorney can offer a wide range of services to a separating spouse. A common starting point is with the division of marital assets and property. If the divorcing spouse is the lower earner, a lawyer may recommend seeking alimony. With older clients untying the knot, a lawyer might suggest ways to minimize losses to retirement savings.