Wealth, the Risk of Divorce, and How to Protect Your Assets
Money is one of the leading stressors in a marriage, which also makes it one of the leading causes of divorce in the United States. It is not necessarily a lack of money that leads to a divorce, however. In fact, statistics show that divorce rates actually rise during periods of economic growth instead of declining, which suggests that a couple’s relationship with money (and how it ultimately affects their relationship with each other), is more of an influential factor in their risk of divorce than the balance of their bank account.
How Wealth Can Increase One’s Risk of a Divorce
Wealth is often seen as the answer to all money problems, but the upper-middle-class and barely wealthy can prove this simply is not the case. They can experience the same issues that lead to financial strain for lower-income families - the ever-increasing cost of living, child tuition costs, student loan debts, expected lifestyle, social pressures, etc. - and they can just as easily over-expend. If the financial strain becomes bad enough, the marriage may start to crumble. Fears over losing one’s status, feelings of guilt or remorse for the poor choices that one made during the couple’s downfall, and casting blame at the other party can further exacerbate matters. If left to fester, or if financial strain worsens, a divorce may ultimately ensue.
Protecting Your Assets in a Failing Marriage
When a marriage begins to fail, it is important that you take critical steps to protect any remaining assets from creditors, and even one’s own spouse. Asset hiding and dissipation are extremely common in divorces among the wealthy, and even more likely to occur in divorces that involve:
- Financial disparity between the parties;
- Excessive marital debt;
- Difficult to value assets;
- A history of financial abuse;
- Emotional or physical abuse; and
- Spouse-owned businesses.
The first step is to try and gain the upper-hand; do not let your spouse know you are considering a divorce and start to gather financial information. Also, ensure that you hire an attorney from the very start of your case, which is possible, even if you do not have your own money. They can assist you with all other steps to preserving any marital wealth that remains.
Contact Our DuPage County Divorce Lawyers
The seasoned Wheaton divorce attorneys at Davi Law Group, LLC are committed to protecting your financial wealth. Able to assist you with everything from petitioning for financial assistance from your spouse so that you can hire an attorney to uncover hidden assets, we will fight for the most positive outcome possible in your Illinois divorce. Schedule your personalized consultation by calling the office at 630-580-6373 today.