Wealthiest couples may have lower-conflict divorces
Despite the beliefs of many in Illinois that more money can lead to greater conflicts during a divorce, couples are actually more likely to find an amicable settlement to the end of their marriage if they have significant wealth. Financial problems can lead to conflicts within a marriage, undermining its foundations and moving a couple towards legal separation. However, it seems that when a couple has a net worth of $5 million or more, they may be far more likely to end their marriage without lengthy court battles.
High-asset divorces are not necessarily amicable, and people who are living in poverty are also less likely to have high-conflict divorces. In fact, some of the most contentious divorce struggles over financial issues are those of couples with a net worth ranging between $1 million and $5 million. According to one divorce attorney, wealthy people with less than $5 million still have many more concerns about their financial future and their ability to sustain their current socioeconomic status. Above that level of wealth, however, both partners may be satisfied that any reasonable property division settlement will still leave them well-off and comfortable.
One writer labeled American families with between $1 million and $5 million in wealth as “the fighting class”, indicating the economic pressures on them. This sector numbers around 9.4 percent of Americans. This group often includes highly-driven professionals who devote many hours to career advancement, rather than those who have inherited family money or sold off a successful business.
People considering ending their marriages may be held back by their concerns about the financial implications of a divorce. A family law attorney can provide detailed information on how the dissolution of a marriage could affect their clients’ future and work to achieve a fair settlement on property division and other applicable issues.