Do you ever feel like wealthy people and celebrities get divorced more often than anyone else? Some who have studied divorce have come to the conclusion that part of the reason may be economic stability, which makes it easier for the wealthy to split up.
Their theory says that those who aren't wealthy need the support of marriage. When considering divorce, they have to think about questions like:
- How will they pay the bills on just one income?
- Can they raise kids and work at the same time?
- How much is the divorce going to cost?
The theory then suggests that the wealthy don't have these same worries. If you have $50 million in the bank, you're not that worried about making ends meet on one income. You know you can hire people to help with the kids and your career. Even if the divorce gets expensive, you can pay for it.
So, does this theory hold up? Certainly, it does make some good points, but it also oversimplifies the process.
For example, the wealthy tend to have higher living expenses. Sure, they could afford a $100,000 house with ease when a working-class individual may struggle to pay the rent, but they don't have $100,000 homes. They have $1 million homes. So, they still face financial concerns; the numbers are just larger.
Plus, a high asset divorce can be vastly more complicated. Those with no assets may just have to divide a joint bank account and call it a day. In a high asset divorce, you may have to consider investment portfolios, offshore accounts, royalties and future earnings, business ownership percentages and much more.
The reality is that divorce can be complex and difficult for anyone, so it's important for all people, regardless of financial standing, to know their legal options and how best to proceed.
Source: Huffington Post, "Why Are Divorce Rates So High Amongst Celebrities?," accessed Jan. 11, 2018