Financial instability can be incredibly stressful on a family. All across Massachusetts there are individuals struggling to keep their heads above the threatening waters of insolvency, foreclosure and even bankruptcy. Some couples are able to weather financial challenges together and emerge stronger than before they faced their money problems. Others find that economic hardships exacerbate their problems and push them closer toward divorce.
Interestingly enough, the reverse financial situation can also lead some to pursue the ends of their marriages. In some cases, couples may wait until later in their marriages to start divorce proceedings because it gives them time to get their financial affairs in order. With no kids in their households to care for and sufficient savings and investments to provide for them into their later lives, divorce is sometimes pursued by those who have attained solid financial stability.
Also known as gray divorce, later-in-life divorces are on the rise. Married people can find themselves facing the final decades of their lives and recognizing that they did not accomplish all of the goals they had set out for themselves. They may perceive their spouses and the future care that they may have to provide to those spouses as hurdles to overcome in attaining happiness toward the ends of their lives.
Having enough money in one’s personal coffers can provide the incentive a person needs to finally end a marriage. Conversely, battling with a spouse about financial struggles can also lead individuals to consider divorce. Money plays a big role in the end of a marriage and how a couple structures its wealth can influence matters such as property division settlements and alimony. Attorneys who practice family law can provide their clients with information on preparing for divorce, regardless of the financial circumstances of those they represent.
Source: philly.com, “Financial security pushes couples to divorce court,” Erin E. Arvedlund, Aug. 9, 2015