When some couples get divorced, it’s because they’ve been having significant financial disagreements. Maybe they have a lot of financial stress and trouble paying their bills, and they constantly disagree over how the other person spends money, for example. This makes people think that the link between money and divorce generally means that people who don’t have enough funds are more likely to split up due to that financial stress.
While this certainly can be true, some studies have found the opposite. When the economy is doing well and people are better off financially, divorce rates tend to tick up. Why does this happen?
Financial security
One of the biggest reasons is simply that couples have more financial security. This may mean that they feel free to make whatever decisions they want with their relationship, rather than feeling trapped.
For example, one couple may be living paycheck to paycheck, even though they both work. If they’re unhappy with their marriage, they still have a financial incentive to stay together. Going down to one income would be highly detrimental to their life, so they are in something of a codependent financial relationship.
On the other hand, wealthy couples may not have the same level of financial stress, in the sense that they can easily make ends meet, but this also gives them freedom. They’re not dependent on their partner or that other source of income. This is why wealthy couples may be more likely to move toward divorce if they’re unhappy with the romantic relationship itself.
The divorce process
This helps to show some of the ways in which finances can impact divorce rates, and property division is certainly an important part of a divorce case. If you’re going through this process, be sure you know what legal steps to take.