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High asset divorce: Being wealthy could increase divorce odds

| Dec 2, 2020 | Divorce |

Statistics have shown the more wealth a couple has, the more apt they are to divorce. High asset divorce can be especially taxing on both spouses since there is so much on the line. It seems the more Virginia couples earn, the more they could face trouble in their marriages. It could be due to the fact that one of the leading causes of angst in a relationship hinges on finances.

It has also been found that if one partner brings more wealth into the marriage than the other, strife can ensue. For instance, if one spouse’s credit score is higher than the other’s they are more apt to separate in the first five years of their marriage. A study showed that those who have higher credit scores are more likely to have success in relationships.

However, when wealthier couples don’t keep stock of their spending it could cause problems. Some people who earn $1 million or more per annum might still have a lean 401(k). An extravagant lifestyle coupled with a high net worth could lead to inconsistencies regarding finances. It is also often true that when one spouse earns a high income, the other spouse does not work outside the home.

When a Virginia couple is embroiled in a high asset divorce, things could heat up quickly. It would be wise on each person’s part to obtain independent legal advice in this case regarding pertinent issues such as division of assets and taxation. An attorney may be able to help in highlighting other aspects of a high asset divorce which a client may have overlooked.