The Love DuCote Law Firm LLC Legal Blog

A credit score’s effect on divorce

Earning a higher income can be beneficial, but for some couples, it can also put a greater strain on their marriage, eventually leading to divorce.  A survey conducted by Sun Trust Bank, polled 2,000 adults on what disrupts their marriage the most. The most common answer? Money. Over one-third of those surveyed labeled their finances as the leading stress point in their marriage.

Details of typical finances that could cause marital strain might be frivolous spending, poor investments and living beyond one’s means. A key number that some may not think of that causes so much stress is the couple’s credit scores.

According to the Federal Reserve Board, if a couple’s credit scores differ, the likelihood of them splitting up within five years skyrockets. This isn’t all that surprising, as a credit score is a number that can affect many financial decisions. From obtaining a mortgage, to borrowing money for a car or being accepted for a credit card, a person’s credit score, unless you pay for everything in cash, is often linked to financial freedom and decision-making.

Do high-credit scores lead to better relationships?

Sometimes. Couples who both sport high credit scores are often more secure in their relationship. This positive financial boon allows these couples a greater chance at achieving a more committed and long-lasting relationship. But, high credit scores and greater wealth doesn’t secure a relationship from ever faltering. There are a lot of high-income couples who are financially strapped because they live beyond their means. Their credit scores might be great, but if you mismanage your living income, the marriage strain becomes real and can lead to divorce.

Other strains on a marriage, especially for high-income households, include who controls the finances or the copious amounts of time that the couple spend away from each other. Many high-income earners have positions that include a lot of travel time and/or long hours.

In periods of economic growth, incomes and divorce rates tend to grow. The opposite is true about periods of economic downturn. With less financial certainty and security, couples tend to be more open to sticking it out and attempting to weather the storm or repair the marriage.

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