Premier Family Law Representation In Southern Florida

Mark Abzug

Wealth may make divorce more likely

On Behalf of | Jan 16, 2024 | Divorce

In some senses, wealth can insulate people from divorce. For instance, some couples split up because they’re having a lot of financial stress and they can’t make ends meet. Wealthy couples don’t have to deal with this type of pressure because they have plenty of assets, making their lives more stable and comfortable.

But, while this may suggest that divorce would be less likely, studies have actually shown the opposite. In some cases, being wealthy could actually increase the odds that a couple gets divorced. Why is this?

Financial stability

One major reason is that these couples may have financial stability that is not enjoyed by couples in a lower income bracket.

For example, imagine two people who both work part-time jobs or only earn minimum wage. They make $20,000 a year, and they desperately need both incomes to be able to pay their bills. They may feel a lot of stress and they may want to end their marriage, but the couple will feel like it’s not possible due to these financial constraints.

On the other hand, you have a couple who has millions of dollars in savings, with both people earning over $200,000 per year. Yes, they will be reducing their income if they get divorced. It will bring about financial change. But both people know that they will have plenty of money to pay their bills and branch off on their own. If one person is unhappy, this may make them more likely to file for divorce because they don’t actually need to be married just to have financial stability.

Getting a divorce

Financial issues like this are just one reason why couples get divorced. When they do, it’s important for them to know about their rights when it comes to asset division, child custody and much more.