No one wakes up on their wedding day thinking they will eventually get divorced, but it does happen – and it is becoming more and more common every day. According to Pew Research, the divorce rate is rising. Is there a reason for this rise?
When preparing for a wedding, many couples consider the cost associated with the big day. As the divorce rate rises so does the cost of weddings. According to CNN Money, the average cost of a wedding in America is now higher than $35,000. On the heels of this news, a new study finds that couples who spent more than $30,000 on their wedding are more likely to get divorced than couples who spent less than $10,000.
Money is the concern
Correlation does not equal causation, but it is nonetheless interesting to see the divorce rate rise with the cost of weddings. Money drives wedding planning for many couples, and it may be your top concern in divorce too. Many people find themselves financially vulnerable after divorce, so it is important to understand how the process can affect the assets and property you have worked hard to earn throughout your marriage.
Missouri law dictates that assets be divided to reach a “just” resolution for each spouse. That is to say: the court will work to determine what is fair or right instead of only what might be “his” or “hers.” Your relationship and financial situation are unique, and both the logistics of your relationship and your future financial prospects are significant factors in divorce.
How asset division works
Here are two big things to think about in relation to asset division:
- Your contribution to the marriage. Just because one spouse worked part-time to focus on raising the kids doesn’t mean they will receive less money or property. A spouse’s contribution at home is usually considered to be just as valuable as the work a spouse did as the primary breadwinner.
- Your lifestyle after divorce. A spouse’s time away from work to raise kids can hurt their career, and ultimate earning potential, but the potential worries of relying on a lesser income can be mitigated by the divorce settlement. Further, child custody and support payments could be affected by a spouse’s income, travel habits or desire to move after divorce.
Money mattered at the beginning of your marriage, and it matters even more in divorce. While you may have envisioned your future together during your wedding, envisioning your future apart is the most significant consideration in divorce proceedings.