In a recent SunTrust Bank survey, 35 percent of respondents said that money was a major point of relationship conflict. This is probably not a surprising statistic to most Texas couples. However, the relationship effects of money become more nuanced as data is further analyzed.
The Federal Reserve Board reports that the chance of divorce decreases as the discrepancy lessens between a couple’s credit scores. Spouses with higher credit scores are also more likely to remain in committed relationships than those with lower credit scores. On the other hand, some attorneys report that people with higher incomes might be more likely to divorce for several reasons.
According to the American Academy of Matrimonial Lawyers, divorces actually increase during economic upswings and decrease during downturns. Divorce can be costly, so couples may wait it out when they are feeling financially pinched. However, even high-income couples may suffer from financial strain. Many of these couples neglect to fund their retirement accounts.
Higher-income couples may also face other kinds of stress that can lead to divorce. In many relationships, one person is the main wage earner. This income disparity can lead to friction. The main earner may also work long hours and travel frequently for work. This could create distance between the couple.
One person handling all the finances can also mean trouble for the less financially savvy partner in a divorce. That person may want to gather as many documents as possible relating to the family finances and see an attorney about how the divorce might proceed. Assets acquired after marriage are generally considered shared property in a community property state like Texas. However, spouses can negotiate settlements for property division with the assistance of their attorneys that do not involve splitting everything 50/50. Instead, each person may take certain assets that have equivalent values.