Numerous factors contribute to spouses filing for divorce. Over the years, married couples might discover that they have little in common and choose to separate. Others may deal with adultery, cruelty and other underlying issues for “fault-based” divorce cases. What many couples in Colorado might not realize is that income could factor into a divorce. Those of substantial means may find that wealth brings an increased chance for divorce.
Concerns over wealth, spending and debt
Financial concerns could create friction in a marriage, but high earners may not necessarily be free of fiscal troubles. Although someone might earn or inherit significant amounts of money, the individual might not spend it wisely. High income may come with a desire to live the “high life,” which could lead to excessive spending and borrowing with little savings. Then, a minor decrease in income might cause financial issues.
Financial troubles could start to create friction in a marriage. One spouse may start to worry about growing debt with little money saved for emergencies or retirement. If the couple can’t see eye-to-eye on fiscal matters, disagreements may grow worse. A marriage might even fall apart.
Concerns related to professions and responsibilities
Often, those who earn high incomes work in professions that require significant hours away from home. Someone involved in the investment and financial advisory sector could meet with clients for many hours a day, practically living at the company’s office. An entertainer may go on the road and be out of town for weeks at a time, if not months. While these work requirements may generate significant income, the time spent away from home could affect their marriage. Such time spent elsewhere might have been acceptable early in the marriage but could create problems as the years pass.
What happens when one spouse earns significantly more than the other? Is the other spouse working at all? These things could become the root of troubles, too.
High incomes can bring problems to married couples, leading to divorce proceedings. High earners who are ending their marriage may wish to consult with an attorney who deals with complicated asset division in high-net-worth divorce cases.