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Diamond & Diamond, P.A.
NJ FAMILY LAW ATTORNEYS

HIGH-QUALITY REPRESENTATION
IN DIVORCE AND FAMILY LAW
MATTERS

Diamond & Diamond, P.A.
NJ FAMILY LAW ATTORNEYS

HIGH-QUALITY REPRESENTATION
IN DIVORCE AND FAMILY LAW
MATTERS

Call For A Free Initial Divorce Consultation

The role money plays in divorce among the affluent

| Jul 23, 2020 | High-asset Divorce |

Many sources claim money disagreements remain a leading cause of divorce in the U.S. That raises the question of whether or not wealthy couples are less likely to argue about money matters or if they also face issues with money management.

What do experts know about the role money plays in divorces among the affluent?

Common money conflicts

Business Insider claims that money problems in marriage do not discriminate: they impact both the wealthy and the poor. One example involves a couple that makes a good income but then feels they do not need to watch their spending. Poor purchasing and spending decisions result in debt that causes conflict in the marriage.

A second example that could impact the wealthy is a large impulse buy made without discussion. Even many wealthy people believe that a purchase such as a new automobile should be made together in a marriage.

Additional money concerns

An article by CNBC suggests that relative wealth increases the risk of divorce. The wealthy face many of the same disagreements over money that those with average incomes face. They also encounter their own set of challenges. One issue is that of economic disparity. A married couple that has one high-income earner and a partner that earns far less can face a power disparity. This results in the high-wage earner having more opportunities for travel in life, as well as making a greater share of the financial decisions. This situation might lead to issues of resentment.

Divorce tends to increase in economic boom times. This suggests that having more money is not always the perfect answer for reducing financial arguments in a marriage.