There is a saying that money can't buy happiness, and any affluent person who has gone through a divorce would likely concur with that statement. Having a lot of money cannot insulate couples from relationship problems.
In fact, according to a recent report, having a lot of money could increase the chances that a couple will divorce.
There are reportedly a few reasons why having more money could increase the odds of divorce.
- Increased economic disparity - Often, affluent couples consist of one person who comes from a wealthy background or earns the bulk of the family income. This can create opportunities for spouses to argue over spending habits and marital contributions when they are not on the same page financially.
- Higher stress of maintaining expensive lifestyles - When you are paying for expensive homes, luxury cars, vacations, shopping excursions and pricey schools for the kids, it can put significant stress on spouses to maintain and increase their income. This stress can certainly affect a marital relationship, especially when it leads to unhealthy behaviors or outlets.
- Less time spent together - Earning money takes work, and this work could come at the expense of a marriage. People with high-power jobs can spend long hours at the office and travel frequently. They might miss important family events and appear to neglect their spouse or children, all of which can put irreparable strain on a marriage.
Not only do these financial issues affect a marriage, but they can affect a divorce as well. Money is often at the root of many divorce-related arguments, from alimony and child support to property division.
Parties with extensive assets often have difficulty unraveling and understanding the assets involved. And the stakes of securing financial support can be especially high. Further, there could be heightened fears regarding hidden assets. Each of these issues has the potential to complicate divorce.
Considering all that is on the line when it comes to high-asset divorces, it is crucial for divorcing spouses to have support. This includes both financial and legal professionals who can help parties navigate the divorce process to secure fair resolutions.