It’s been widely reported that money is one of the primary sources of tension in marriages. In one survey by SunTrust Bank, over a third of the 2,000 people surveyed cited finances as the main cause of conflict with their spouse or partner.
However, that doesn’t mean that couples without much money have more marital woes related to finances than wealthy couples. A more crucial factor is whether they have the same similar attitudes about money.
The Federal Reserve Board (FRB) found that the larger the difference between a couple’s credit scores, the greater their chances are of breaking up within five years. Couples where both partners have high credit scores have the best chance of remaining together, according to the FRB.
However, none of this means that wealthy couples don’t have their own financial stresses that can damage the relationship. Many couples have a lot of money coming in, but they’re spending it just as fast as they make it. One family law attorney notes, “It’s always astonishing to me how many people earn over $1 million a year and have nothing in a 401(k).”
Another source of financial tension for wealthy couples is that there’s more likely to be a significant discrepancy between their individual incomes and net worth. In many multimillionaire marriages, only one spouse is working. Further, that spouse may be spending a significant amount of time at the office or traveling on business — both of which can be detrimental to a marriage.
Even when both spouses are high earners and there’s not a significant economic disparity, men are still more likely to manage the couple’s finances. This can be detrimental to the marriage.
It can also be an issue if the couple breaks up and the wife knows little about the couple’s financial situation. Whether you and your spouse are barely making ends meet or you’re among the top 1 percent, it’s essential to understand where you and your spouse stand (separately and together) in assets and debts. The more knowledgeable you are about these matters, the better able your Arizona family law attorney is to help you seek a fair settlement.