You have likely heard that one of the top reasons for divorce is financial stress. When most people hear this, they think of a young married couple that can’t pay their bills, perhaps because one person can’t hold down a job. It’s natural, they think, that this type of financial stress would lead to a split.
This certainly does happen, but do not make the mistake of assuming that having a lot of assets or a high income level will make divorce less likely. There are many examples of rich and successful people deciding to get divorced, and reports show that money often plays a role. Some have gone so far as to say that the odds of divorce are higher in certain financial environments.
You can earn a lot and still fail to make ends meet
Moreover, your earnings do not always define how well you can pay your bills or make ends meet. You may just have more bills and greater ramifications if you run into any financial issues.
For instance, someone who is working a minimum wage job may struggle to make car payments on a used vehicle. Someone who makes $100,000 per year may struggle the same, but it’s just that their car costs $80,000. Often, the lines simply move upward, but it’s just as easy to run into problems that can put a lot of stress on your marriage. This is especially true for business owners who may have over $1 million in assets but still worry about losing the business if the economy has a downturn.
If you and your spouse do decide to get divorced, having more assets makes it more complicated, so make sure you know all of your legal options.