Ryan Family Law, P.C.
Ryan Family Law, P.C.

Elgin, Illinois

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Higher income may increase risk of divorce

Many people in Illinois choose to file for divorce over financial issues. According to research by the Federal Reserve Board, a large difference in incomes between spouses is associated with a higher risk of divorce within the first five years of marriage.

Higher credit scores are associated with a better chance of staying together for the first five years. However, wealthy couples are not immune from marital problems that can sometimes lead to divorce.

Many wealthy couples are in a situation where one spouse provides most or all of the financial support and the other partner does not work. The partner who is providing most of the income may spend long hours at the office or travel a lot away from home.

During times of economic prosperity, the number of divorces filed usually increases. Many spouses choose to wait to file divorce when their financial futures are uncertain and their household budgets are tight.

An attorney with experience handling divorce litigation may be able to assist a soon-to-be ex with the process. In marriages where there has been a great disparity in income for many years, determining spousal support could be important. An attorney could also help with complex asset division. Property acquired during the marriage is usually considered to be marital property that’s subject to division in a divorce. Exceptions would be if the property acquired was a gift or inheritance. During the negotiation process, an attorney might be able to help a client keep the property that they consider the most important.

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