Money is an awkward thing in relationships, which is why it’s hard to believe anybody’s dating anybody in this economy. In fact, however, the opposite is true. The NYT reports that the recession has resulted in tighter bonds with your loved one (often whether you like it or not).
A spouse is more likely to depend on health care from a spouse, or on in-laws to help finance a mortgage or to assist with child care. And the ones who are hanging tight are retrenching and redeveloping an appreciation for time spent together.
All the more reason to listen to your elders and get married for the financial benefits! Alex Roberts of the Institute for American Values writes that “once the Great Recession lifts, more couples — especially lower-income couples who are in the greatest danger of missing out on marriage’s economic benefits — can take full advantage of the emotional and material benefits associated with marriage.”
But according to the WSJ, said “material benefits” can also be a cause for divorce.
Couples who report that they disagree over finances at least once a week are 30 percent more likely to divorce than couples who disagree about finances a few times a month, according to research by Jeffrey Dew, a professor of family studies at Utah State University.
And as always, the rich have it worse than anybody else if things don’t work out.
Ms. Alter represents a client who once relied on a $5 million bonus and is now struggling to cope on a salary of $500,000. The damage in those types of cases, much more frequent these days, can be a slippery slope from the financial to the psychological.
“Their self-image is destroyed,” she said. “Their marriage has gone bad, and they can’t support their lifestyle anymore. Their kids have to be taken out of private school, they have to sell the vacation home, and the money becomes a focal point.”
Those poor children! How will they ever succeed without their beloved vacation home? Now I know to never, ever, let myself get divorced married.