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Why divorce rates could be higher among wealthier couples

The Federal Reserve Board reports that couples who have a wide discrepancy in credit scores are more apt to get a divorce than those whose credit scores are more similar. Furthermore, individuals with higher credit scores are likelier to remain in committed relationships than those with lower ones. However, higher-income California couples might be more likely to divorce than those with lower incomes.

Some couples may have a lot of expenses to go along with their high income and might have little money saved up. Often in high-income couples, one person earns a significant majority of the income, and this disparity can create friction. The marriage could also be strained if the person who is earning the bulk of the income is away working long hours and traveling for work. There could be stresses in wealthy two-income couples as well. Often, couples still fall into traditional gender roles in which the husband handles all the finances, and this could create a strain.

The American Academy of Matrimonial Lawyers reports that the divorce rate goes up when the economy improves and decreases during downturns. Faced with the financial repercussions of divorce, many couples may decide to put off the process.

Couples who are concerned about the financial implications of divorce may want to gather all relevant financial paperwork and talk to an attorney. A lawyer may be able to provide someone with a general idea of how property division might proceed and whether one person might be required to pay child and spousal support to the other. An attorney could also talk to a client about financial goals during and after the divorce and how to increase the likelihood of financial security. Couples do not necessarily have to go to court and may instead negotiate these issues with the help of their lawyers.

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Law Offices of Catherine A. Schwartz
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Riverside, CA 92506

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