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) 783-5146 to discuss your situation.