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The complicated relationship between money and divorce

Tue 16 Oct, 2018 / by / Divorce

The relationship an Illinois spouse has with money has a good chance of bleeding into their personal relationships. Financial issues provide a significant source of marital distress. A survey of 2,000 adults conducted by a bank reported that 35 percent of respondents admitted that money caused strain in their relationships. Other research has found links between divorce and credit scores or income.

Data from the Federal Reserve Board indicates that couples with big differences in their individual credit scores have a greater chance of divorce within the first five years of marriage. Partners who both have high credit scores have a higher rate of long-lasting relationships.

High income does not necessarily insulate people from marital troubles. Wealthy couples sometimes outspend their substantial incomes and experience conflicts because they can barely pay their bills. Couples with assets reaching into the millions might also experience marital stress because one spouse might not work while the other spouse who earns all of the money travels frequently. The disparity in income generation and constant time apart could fray their commitment to each other.

Even when spouses are bringing in more money during strong economic times, divorce rates increase. When recessions hit the economy, divorce rates tend to fall. This could be partially because divorce is often expensive.

Although prosperity does not guaranty marital happiness, financial matters will take center stage during a divorce. A person who wants to end a marriage could consult an attorney to learn about property division, spousal support or child support. An attorney could explain how the law could determine the financial terms of the divorce settlement. With legal advice, a person could strive to protect long-term financial and parental interests during divorce negotiations.