Economic prosperity could boost risk of divorce

On Behalf of | Oct 17, 2018 | Divorce

According to a survey conducted by the American Academy of Matrimonial Lawyers, attorneys are likely to have fewer clients seeking a divorce when the economy isn’t doing so well. However, when the economy strengthens, some couples in Oklahoma may be more likely to have marital troubles lead to divorce. This also appears to be true with marriages where there is a noticeable discrepancy with earnings or credit health. About 35 percent of 2,000 adults surveyed by a leading bank holding company cited money matters as the main problem with their spouse.

Not surprisingly, couples who align equally financially are less likely to end a marriage. On the other hand, the Federal Reserve Board notes that couples significantly mismatched with each other’s credit scores are more likely to seek the assistance of a divorce law firm within the first five years of marriage. Wealthy couples aren’t immune to divorce risks either; some well-off spouses have high monthly expenses and little or no retirement savings, which sometimes contributes to marital tension.

High-net-worth couples also tend to be more susceptible to significant financial discrepancies. In such relationships, it’s not unusual for one spouse to be the higher earner. In situations where one spouse is the sole earner, the other one may be entirely dependent on their partner for financial security if they’re not working. While it’s increasingly common to have two-income households, there are still marriages where the male primarily handles the finances. Relationships of this nature may also suffer because of time spent apart due to work.

Financial disagreements are rarely the only reason a marriage ends in divorce. However, when it’s decided that it’s best to untie the knot, an attorney may help a soon-to-be-former-spouse with efforts to negotiate a fair settlement agreement. A lawyer may also offer advice on marital asset and property division and make an attempt to work out a fair custody arrangement if children not of legal age are involved. A lower-earning spouse might also be able to receive appropriate spousal support payments to help maintain their lifestyle post-divorce.