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High financial wealth can often lead to divorce

On Behalf of | Sep 17, 2021 | High Asset Divorce

According to recent statistics, the more financially well-off a couple is, the more likely their marriage may not last. A high asset divorce may be even more difficult to go through since so much is on the line for these Texas couples. It seems the more money couples make, the more apt problems will arise in their marriages causing irreparable damage. Finances are among the leading causes of divorce and it doesn’t have to mean not have enough money, but also that there is a lot of wealth.

An imbalance in earning

When one spouse brings more wealth into the partnership than the other does, it could cause a lot of angst. As an example, if one spouse’s credit score is better than the other’s statistics show that within five years of marriage, they are likely to separate. When both spouses’ credit scores are high, the marriage has a better chance of lasting according to a study on divorce and finances.

Document spending

Even if a couple has enough money to spend freely, it doesn’t mean they shouldn’t keep track of what it’s spent on. Some people who have six or seven figure incomes have retirement plans that look pretty sad. Being overly extravagant and taking the healthy financial picture for granted could lead to problems down the road. Data has also shown that when one spouse earns a sizeable income, the other spouse is less likely to work outside the home.

Texas couple facing a high asset divorce still need to be mindful of finances. Getting independent legal advice regarding negotiating a high asset divorce and on other issues such as property division and taxes, may be most wise. The more knowledge a person has on the aspects of a high net worth divorce, the better he or she may be able to make logical decisions.

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