The correlation between finances and divorce

On Behalf of | Jul 2, 2020 | Divorce |

It may come as no surprise to many residents of Ohio that a couple’s relationship with money may influence their chances of marital success. The reason for this is that money is a major source of stress in many relationships. In fact, respondents to a recent poll identified financial concerns as the primary source of problems with their partner.

The study also revealed that couples who are on the same page regarding their finances are less likely to experience divorce. The most likely candidates for termination of their union within the next five years are marital partners with a large disparity in credit scores.

Couples with near-perfect credit scores were more likely than others to remain married for the long-term. And the better the financial situation is at the onset of a marriage, the less likely a separation will occur in the first few years of matrimony.

Despite the above data, there is no reason to believe the marriages of wealthy couples will fare much better than couples who live with modest budgets. In addition to maintaining a more expensive lifestyle, wealthy couples often disagree more on money issues. This problem is often exacerbated when the source of wealth is a single high-wage earner with a spouse who doesn’t work.

Two out of three divorce attorneys polled for the study reported fewer divorce filings when the economy experienced a downturn. The same lawyers agreed that divorce proceedings picked up during economic booms.

The possible reasons a marriage can end are seemingly endless. But regardless of the reasons a couple chooses to end a marital union, a divorce represents one of the most emotionally devastating experiences in life. An experienced divorce attorney may prove useful at helping to dissolve a failed marriage in a fair and equitable manner that will allow both parties to proceed with their new lives as quickly as possible.