You may enjoy the socioeconomic status that your current financial level allows you to achieve. Much of your life may hinge on your ability to afford certain trips, memberships to clubs or even the house you live in. Now that your marriage is heading for divorce, financial concerns may reach the top of your list.
Certainly, ending a marriage can have major financial impacts on anyone’s life. Property division also stands as one of the most contentious areas of the divorce process. However, the amount of money you actually have could potentially have an impact on how contentious your divorce actually is.
The fighting class
Individuals whose wealth lands between $1 million and $5 million are considered in the category of upper middle class. It may interest you to know that people in this category are also considered “the fighting class” when it comes to divorce. Apparently, parties in this socioeconomic group feel comfortable with their status but also know that they may not have the ability to maintain that status after divorce. Having less than $5 million does not offer the financial stability for which many people strive.
As a result, parties in this class often fight more during their divorce proceedings in hopes of maintaining as much of their wealth as possible, which they hope will allow them to keep up with the lifestyle and status they have already achieved.
More wealth, more amicable divorce?
One out-of-state attorney claims that, based on his experience, individuals with more than $5 million in assets are less likely to fight over money because they do not have to worry about losing their socioeconomic status. This additional wealth gives them the financial standing to maintain the security they desire, even if they go through property division during divorce. As a result, they feel less need to face conflict over every asset.
Not true for everyone
Of course, you may have considerable wealth yourself and still feel a desire to protect your assets as much as possible. While some trend of more amicable divorces may exist among the wealthy, the amount of conflict that results in divorce depends on the specific nature of your case. Therefore, you may want to understand your legal options for working toward the outcomes you desire, and prepare for contention if you believe it may occur.