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The link between wealth and divorce

On Behalf of | Oct 15, 2018 | Divorce

North Carolina residents may appreciate the role money plays in a relationship. According to a SunTrust Bank survey, 35 percent of respondents said that money was the primary issues in their relationship. According to the Federal Reserve Board, a relationship was more likely to end when the parties to it had wildly different credit scores. Of course, making a significant amount of money each year doesn’t guarantee a person is financially secure.

In some cases, individuals spend a majority of their income, which leaves them with little retirement or other savings. In the event that one spouse makes several million per year, the other spouse may not work. This can result in fiscal inequality between partners that can cause stress in a relationship. That can be further exacerbated if a couple decides that the husband will control the finances while the wife will act as a homemaker.

The state of the economy can also play a role in whether married couples stay together. When the economy is bad, couples may decide that they would rather stay together than brave an uncertain professional and financial future. According to the American Academy of Matrimonial Lawyers, divorce rates tend to fall during poor economic times and increase as the economy gets stronger.

When a person goes through a divorce, he or she may experience a wide range of emotions. In some cases, these emotions play a role in how a person decides to settle the divorce. As a general rule, it may be a good idea for individuals to consult with an attorney prior to starting the divorce process. This may allow them to learn more about the process and how to get through it in a timely manner, which may be ideal for those who have children.

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I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
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I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.

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Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
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