The leading cause of friction in Arizona marriages tends to be money. A disparity between incomes and/or credit scores can spell doom for a marriage within the first five years. That being the case, you may assume that having more money and/or better credit could make you less likely to divorce. However, we at the Wilson-Goodman Law Group have found that that is not necessarily the case either. In fact, having a high net worth of a few million dollars or more may make divorce more likely.
According to CNBC, it can put stress on a marriage when one spouse works and the other does not, a common situation when one spouse’s income is quite high. Another stressful situation occurs when both spouses work but one tends to handle the family finances to the exclusion of the other. The requirements of one spouse’s high-paying job to work long hours or take business trips can put a strain on the marriage due to the time spent apart from one another.
Furthermore, having a high income does not necessarily mean that you have money readily at your disposal. People who make a lot of money can also have significant expenses that can reduce the availability of funds. Needless to say, this frustrating situation may also be a source of friction between spouses.
Divorce represents financial uncertainty. Research has shown that couples tend to be unwilling to destabilize their standing during times of economic downturn by divorcing. As a result, when the country becomes more prosperous, divorce rates tend to rise. The same principle may apply to a couple’s individual financial situation. In other words, you may be more likely to divorce if you feel you can afford to do so.
Not only does a high net worth not make you immune to divorce but it can also complicate the process. Your divorce may involve matters such as multiple real estate properties, stock options, a significant inheritance, income from self-employment or unique assets. These matters can make the process of property division more complex. More information about divorce for high net worth couples is available on our website.