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High earners in New York could be more likely to divorce

| Oct 31, 2018 | Divorce |

As the old saying goes, money is the root of all evil. And, apparently, of many divorces.

A survey of more than 2,000 adults revealed that money is the top cause of stress in a relationship. In fact, 35 percent of respondents said finances were the key sticking point between partners.

It would seem logical that couples struggling to pay the bills would have the biggest problems. However, wealthy couples also have just as many financial issues and squabbles.

There are New York couples who earn a lot of money but often have high monthly living expenses and aren’t able to put cash in a savings or retirement account, for instance.

Or, perhaps one partner in the marriage earns a very high income – say at least a few million dollars a year — and the other stays home to run the household, giving one spouse the feeling of much more financial control. The high-income earner might be forced to work long hours or take extensive business trips, causing a strain because of time apart, too.

Or there are the two-income households, where both spouses work outside the home and feel resentment if one partner doesn’t hold up their share of the work around the house.

According to the American Academy of Matrimonial Lawyers, there tend to be more divorces when incomes increase and the economy gets stronger. It’s when incomes fall and the economy sinks that spouses stay together because they can’t afford to split up.

So, money in a relationship doesn’t solve problems. Sometimes, it creates them. If you find yourself with money in the bank but a partner who has forgotten about you while earning it, for example, you might be considering divorce. A New York attorney who works with divorce cases can help you figure out your options.

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