It’s well known that money can be a major source of marital problems for couples in Michigan. Financial stresses and differences over spending and saving practices can lead to serious arguments and even divorce. A survey of 2,000 adults by SunTrust Bank indicated that money was the leading cause of stress in a personal or romantic relationship. However, while financial stress may weigh most heavily on lower-income couples, studies show that divorce is actually more common among wealthier families.
Researchers for SunTrust Bank noted that 35 percent of respondents said that financial issues were the primary point of contention with their partners. Overall, couples who shared common financial goals were more likely to have successful marriages. At any income level, disparities in financial approaches can lead to tension. According to the Federal Reserve Board, couples with more widely disparate credit scores are also more likely to divorce in the first five years of marriage. In addition, people with higher credit scores are more likely to have successful long-term relationships.
However, experts noted that couples with high income but also high expenses faced significant stresses. For couples with a high net worth, financial disparities can lead to problems. In many cases, a high earner is paired with a stay-at-home parent, and the resulting dynamic can be challenging. This is especially true when the high earner has to travel frequently for work, adding distance and time apart to the existing pressures. Stay-at-home parents may feel like they have little say in financial decisions, and the employed spouse may feel a greater right to control spending.
Financial issues can be some of the greatest concerns that a spouse may have about pursuing divorce. However, a family law attorney can go over the financial consequences of a split and work to negotiate a fair settlement on major issues like spousal support and property division.