Divorce Results in a 77% Decrease in Individual Wealth
There are many myths about divorce which people assume are correct, and among them is the assumption that women become wealthy as a result of a divorce and men fair considerably worse financially. Interestingly this myth only has a hint of truth in it, as men do generally become poorer after a divorce, but women do to. In fact a recent study showed that on average, divorce results in an individual’s wealth going down by a massive 77%.
Researchers at the Ohio State University discovered that divorce costs couples dearly. When they are happily married their wealth increases far more than it would if they were single. However, when they divorce they lose out economically big time.
Strangely the study also found that most couples who divorced began losing wealth before their parting of the ways was final, in fact up to four years before hand. This suggests that simply separating can lead to a dramatic drop in income and wealth. On the other hand it may sometimes be the case that married couples divorce due to financial stress, or that this is a contributing factor. Perhaps couples who gain financially together are more content in their relationship as a result.
The reason why marriage usually leads to wealth accumulation more than remaining single isn’t exactly crystal clear, but in some ways this makes sense. Single people can’t buy things in bulk and share the cost of living. They also can’t benefit by sharing domestic chores so that the main bread winner can go out and make more money.
There again perhaps the single lifestyle is more excessive, as individuals socialise more out of their homes in order to try and meet someone to fall in love with. Visiting trendy restaurants and bars can be expensive.
If you are married with children you may disagree with this idea, as bringing up children and caring for them is far more expensive than being single. Way back in 2004 studies showed that the average cost of raising a female child, (as they eat less than boys usually), was $166,549. Boys cost $166,972. By now this figure will have greatly increased, which may make you wonder how married couples with children still manage to accumulate more money than single people.
Getting a divorce can be an expensive procedure, even though many people say it didn’t cost them a great deal. How expensive it really is depends on the circumstances of the individuals involved and how cooperative they are with each other. An amicable divorce is likely to be cheaper than one fuelled by anger.
It would seem that if you want to get richer faster the power of two is the way to go, as-long as you intend to stay married forever.
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