You have likely heard people say that money leads to divorce more often than anything else. You probably assumed it was a lack of money that did it. One spouse has a gambling addiction, puts the family into bankruptcy and the other spouse leaves. That sort of thing.
Obviously, that does happen. However, a new study says that economic growth actually leads to a higher divorce rate, and the implication is that those with more money tend to split up more often.
Researchers indicate that some of the problems come from couples who are not financially equal. Specifically, divorce is more common for those with vastly different credit scores. If one spouse starts doing very well and the other has a troubled financial history, that could lead to the end of the marriage.
Even in cases when couples are on the same page, just having a lot of money does not insulate them from the problems that couples have when they are not as well off. They may still have trouble paying the bills and making ends meet. Even though they earn more, they just have higher bills. They could still have nothing in the bank, nothing in a retirement fund and nothing saved up for emergencies -- even if they make $1 million annually. This can lead to the same financial stress that a couple has while making 5 percent of that.
If you and your spouse are planning to split up, no matter how much you earn, make sure that you fully understand all of the legal steps that you need to take moving forward.