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The relationship between finances and divorce

Financial issues are one of the main reasons people in Illinois might experience marital discord. A survey by SunTrust Bank found that more than one-third of respondents said money is their main source of conflict in their relationship.

People with higher credit scores and more financial stability are more likely to stay in long-term relationships. Couples who have a large disparity in their credit scores are more vulnerable to divorce than those without this disparity. However, wealth does not necessarily mean that a marriage is more stable. According to one attorney, some wealthy couples may have both a higher income and higher expenditures with very little in savings. In addition, one person may have a high income while the other has a much lower one or might not work outside the home at all. This income discrepancy can create stress in the marriage. Furthermore, the job of a high-earning spouse might require long work hours and travel, and this can strain a relationship. Different types of problems arise when people are in two-income families. Often, men still handle most financial matters, and this could create problems.

Lawyers report that divorce rates tend to increase during times of economic prosperity. One possible explanation for this correlation may be that people may be more concerned about the financial ramifications of divorce when times are lean.

There are a number of issues financial issues people might want to address during the divorce process. In some cases, a couple may be able to negotiate a divorce settlement. This is often cheaper than litigation, and it also gives couples more say over the final arrangement. However, there are situations in which this is not possible. For example, a spouse might try to conceal assets or take a financial action such as withdrawing all the money out of a joint account or running up a credit card account.

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Gauthier Family Law

Gauthier Family Law
945 Lakeview Parkway, Suite 170
Vernon Hills, IL 60061

Phone: 847-816-7781
Fax: 847-557-4090
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