Married couples divorce for many reasons, including issues related to money. A recent National Bureau of Economic Research study observed couples who had won the lottery over a decade ago. They found that women winners were two times as likely to file for divorce during the two years after they had won. Sudden wealth brings newfound freedom; those women likely found it easier to end their unhappy marriages. The researchers noted that the influx of money “accelerated the termination of marriages whose dissolution was already underway.” The men in the study appeared to have a reduced risk of divorce and were more likely to get married in the following years. The reason was that the wealth may have increased their appeal as current and prospective partners.
Sudden wealth can also cause arguments when married couples fight about how to spend it. One might be attracted to an expensive lifestyle, while the other is completely against that.
How Can I Manage Sudden Wealth in a Marriage?
It is wise to seek advice from a financial advisor after suddenly receiving financial gain. If you and your spouse are not having marital difficulties or just starting to have them, both should be present. Find one you can trust and ask as many questions as you need, including information about their fees and taxes.
If you are moving toward a divorce, it might be better to do this on your own. This is also the time to consult with a divorce lawyer because the marital assets will need to be divided. When a divorcing couple shares children, the issues of child support and alimony also become paramount.
Financial planning for the future is also vital for people who have found sudden wealth and divorcing couples. Depending on their age, they will need to plan for college tuition, weddings, and retirement.
Contact a Towson Divorce Lawyer at Huesman, Jones & Miles, LLC if Sudden Wealth Has Impacted Your Marriage
Protecting your rights during this time is essential if you are seeking a divorce, especially if high assets are involved. A skilled, compassionate Towson divorce lawyer at Huesman, Jones & Miles, LLC will help. Submit our online form or call us at 443-589-0150 for a free consultation and to learn more about your options. Located in Hunt Valley and Towson, Maryland, we proudly assist clients in Baltimore, Baltimore County, Bel Air, Bentley Springs, Columbia, Freeland, Hereford, Hampton, Westminster, Essex, Monkton, Sparks Glencoe, Parkton, Phoenix, Pikesville, White Hall, Carroll County, Harford County, and Howard County.
