Money can play an incredibly powerful role in any relationship, whether you have very little money or substantial assets and wealth. It can create power imbalances, affect lifestyle choices and change how we feel about our partners and ourselves.
With all this in mind, it may not be surprising that there is a connection between money and divorce. Some studies suggest that roughly 35 percent of people in a committed relationship who responded to a survey said money is a leading cause of stress in that relationship. For people who are struggling with both money problems and stress, divorce may be just around the corner.
But money doesn’t just play a role in the decision to divorce. It can also affect the course the divorce process takes. Let’s imagine you and your soon-to-be ex have substantial wealth and complex assets. Here are a few ways money will likely affect your divorce.
To begin with, it can be very difficult to unravel and categorize everything as either marital or separate during the property division process when there is so much to consider. Various income sources, business valuations and asset appreciation can all lead to thorny interactions and disputes.
If there is a significant discrepancy in individual wealth between two spouses, you could likely find yourselves dealing with alimony requests and contention over the final divorce settlement.
You could also learn that having a lot of money brings out the worst in some people. Some spouses try to hide income or property; some have no financial motivation to resolve the divorce so they drag out the process just to make the other person miserable; some hire various professionals with the sole intention of making their ex look bad or unstable.
Just as money can lead to problems during a marriage, it can also lead to these and other problems during a divorce.
However, there is typically much more than money to consider as you navigate this difficult, emotional process. In order to manage the social, emotional and financial elements of divorce that can prove to be difficult for any person, it can be a good idea to consult an attorney.