Financial anxiety and disagreements over money are among the primary causes of marital problems. In a study last year by Northwestern Mutual, over 40% of the 2,000 people surveyed said that financial anxiety impacted their marriage or relationship with their significant other.
However, it’s not just couples who are financially insecure whose relationships suffer. In fact, the American Academy of Matrimonial Lawyers says that the divorce rate increases during periods when the overall economy is strong.
Part of the reason for that may be in times of economic prosperity, more people see divorce as an option. As one attorney, who used to head that group says, “Essentially, people feel there’s more money left over after they dissolve their marriage and split up the spoils.” He adds, “It’s easier to write a check for $5 million when you have $10 million than it is to write a check for $50 when you have $100.”
If couples are barely making ends meet, they may be more likely to stay in an unhappy relationship than risk even greater financial insecurity that a divorce would bring. They may also feel like they simply don’t have the money necessary to go through with a divorce.
Couples who are wealthy or even comfortably well-off may find that dividing their property can be complicated. In community property states like Texas, where marital property is generally divided 50-50 in a no-fault divorce, if one spouse feels they’ve contributed significantly more to amass that property than the other, having to divide it in half can be a bitter pill to swallow.
A prenuptial or postnuptial agreement can help people keep more of the assets they’ve contributed to the marriage if it ends. An experienced family law attorney can provide valuable support and guidance as you go through the divorce process, regardless of your financial situation.