Many individuals get the impression that their problems would be minimal if they only had money, and it isn’t uncommon for divorcing couples to blame money woes for some of their problems. A study published by Fatherly, however, shows that divorce doesn’t discriminate. These are issues that all couples face, no matter what their financial station.
However, one detail that the study’s authors did uncover is that the amount of wealth a divorcing couple has does impact how amicable their divorce will be.
Why couples of specific means tend to have more amicable divorces
Couples with a higher net worth, such as those with over $5 million of combined assets, tend to have more amicable divorces than couples of lesser means. Many legal analysts suspect that the reason that this happens is that couples with considerable means have the ability to move on with their lives without significant financial strain when they split.
The study’s authors discovered that this likely happens because the financial means that a couple has, the more likely it is that they’ll have a prenuptial agreement in place. Thus, if any issues arise post-divorce, they have their agreement to review that addresses any concerns. This agreement tends to be more fair and cooperative compared to what might be agreed upon or contested later since prospective spouses created them when they were on better terms with one another.
This does not apply to every couple of means, however. Those who have more assets than the average person but less than $5 million may actually end up with bitter feuds if they divorce. Upper-middle-class couples between $1 million to $5 million in assets often have contentious divorces. The study’s authors noted that this likely happens because any loss of assets can significantly impact a spouse’s financial status and livelihood when they’re in this income bracket.
It shouldn’t come as a surprise that the most heated battles among these divorcing couples are over money and property, especially when one spouse has made most of the household’s income.
Seeking guidance on splitting your assets
If you are divorcing, you’ll quickly find that the number of financial assets you and your spouse have dictate how smoothly your divorce proceedings will go. An attorney experienced in working with high-net-worth couples may be able to help smooth the rocky waters you are traveling into so that you can reach safe harbor as quickly and painlessly as possible.