Money—you’ve always heard that it makes the world go around. You may have also heard that it’s the root of all evil. But now experts are telling us that money may have a lot to do with your chance of going through a divorce. Apparently, the more a couple makes, the more trouble begins to brew between them—and the higher their likelihood of calling it quits for good. This seems to be supported by the American Academy of Matrimonial Lawyers, or AAML, an organization that claims that the number of divorces tends to increase, rather than decrease, during periods of growth in the economy when “incomes rise across the board.”
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It is no secret that money issues are a factor in most divorces. In fact, many of the fights that send couples spiralling down the road toward divorce revolve around money in some way. They either don’t have enough of it, one makes more than the other, or they can’t agree on how to spend it. This makes money the leading cause of relationship stress, according to SunTrust Bank’s survey of more than 2,000 adults. An overwhelming 35 percent of study participants named financial problems as their primary source of arguments.
The Federal Reserve Board has its own research on marital money problems to throw into the pile. According to the Fed’s researchers, a couple’s credit scores are a good predictor of the expected longevity of the marital match. The greater the disparity between scores, the more likely the couple is to separate during the first five years of their union.
High credit scores for both spouses were an indicator of the longest-lasting relationships, says the Fed. And the higher the credit scores of the couple when they begin their relationship and the better their financial footing, the less likely they were to split.
So what is it that makes richer couples more apt to part ways? According to experts, maintaining a more expensive lifestyle opens the couple up to bigger discrepancies in regards to money. In many cases, one of the spouses in a couple with a high net worth is not working, which leads to economic disparity in the marriage. Higher-earning couples may also travel more for work, leading to a lot of time spent apart, and this can be another source of marital strain.
The AAML says that when the country experiences a downturn, divorce rates also decline. This is likely because couples may be more willing to wait it out or try to reconcile when budgets are tight and their financial outlooks are not as rosy.
Our Salt Lake City divorce attorney at Emy A. Cordano, Attorney at Law, understands that marriage is complicated. If you are unable to reconcile with your spouse, we are here for you every step of the way. Call us at 801-804-5152 or click here to start a conversation with our professional attorneys today.