Are marriage and divorce different for the very rich and very poor? One oft-cited statistic is that 50% of marriages end in divorce, but that doesn’t account for income disparity, nor does it account for the fact that many divorces are from second and third marriages. Still, a look at marriage rates in recent years reveals  that fewer people are getting married overall.

There are many reasons why fewer people seek marriage today, which also means fewer people are getting divorced. Interestingly, when the recession hit in 1998, that economic change sparked an upsurge in divorce. That fact should come as no surprise, since arguing over money is one of the main causes of divorce, among both the rich and the poor.

While arguments over money obviously can lead to marital strife and the break down of communication, the story is not so simple. People don’t just get divorced because they lack resources. Certainly, empty pockets add to the stress of raising a family, and that can lead to poor families splitting as well as to behaviors (such as criminal acts or addiction) that further fray relationships. However, there’s a wrinkle: many poor people simply can’t afford to divorce… or at least they believe they cannot afford to separate.

Another cultural phenomenon may be relevant to our question. Over the last 50 years, women have been joining the workforce in droves. As a result, women have seen their incomes go up. Interestingly, in homes where the woman earns more than her husband, the couple seems to be at higher risk of divorce. Could new gender economics somehow contribute to some divorces?

Celebrity divorces get a lot of media attention, but are celebrities even a good proxy for the “wealthy”? Perhaps the complexities of fame dictate how and why celebrity couples split more so than fortune.

Marriage and divorce are complicated matters. It’s difficult to say which socioeconomic class divorces more often, but we can say married couples are more financially stable and that divorce (in general) leads to wealth reduction. It appears from the data we have that the most financially secure are people who get married and stay married.

Our Minnesota divorce lawyers can help you understand your options and develop a clear strategic approach to meeting your needs and protecting your children. Please call us at 763-323-6555 to discuss your situation.

Just as finances can be a major source of contention in a marriage, they can be even more so during a divorce. Disentangling your ex-spouse’s finances from your own may be no simple task, especially with shared assets like home and vehicles, or with shared debts. This process can be even more complicated with an uncooperative ex, or one who happens to be fiscally irresponsible.

You might be tempted to avoid or procrastinate the task of financial disentanglement, but resist this temptation to protect both your assets and your credit. Some of the details of dividing larger assets will obviously be worked out during the divorce settlement negotiations, but for now, here are some steps you can take now to begin disentangling your ex-spouse’s finances from your own.

Set up your own bank accounts

If you haven’t done so already, open up a basic checking and savings account in your own name, and start paying bills and depositing paychecks into that account. If you still hold joint bank accounts with your ex, close these accounts as soon as possible, but do not attempt to withdraw funds without talking to your divorce attorney first, as these funds may be restricted until a divorce settlement is reached. When it comes to your own income, however, you should gain sole control of these funds as quickly as possible.

Separating credit card accounts

For any revolving credit card accounts you share with your ex, take these steps now to begin the disentanglement process:

•    Close any joint credit cards you have with your ex-spouse as soon as possible. This protects you from being held responsible if your ex decides to go on a shopping spree.

•    De-authorize your ex on any credit cards for which you are the primary cardholder.

•    Disentangle from joint cards with existing balances by opening up new cards separately and performing balance transfers. You and your ex will need to agree to how much of the debt each of you should pay, but once that’s decided, transferring those balances to your own individual credit cards will start the process of separating your shared credit history—plus, you won’t have the added worry of making sure the joint cards are being paid on time.

For larger assets like homes, cars and shared business interests, disentangling your finances will be a more complex matter reserved for the divorce settlement negotiations. But taking steps now to separate finances on a smaller scale can help you get a head start on financial stability as a single person.