Being financially secure is a priority for most people in Massachusetts, but divorce can throw a wrench in even the best-laid plans. Worry over money and future financial stability can cause some individuals to panic and fight over seemingly unimportant issues during property division. According to one family law expert, one group is more likely to fight than others.
According to the Schwab Center for Financial Research, having $1 million in money and assets generally makes a family comfortable in their finances. However, as most people know, splitting up this money during a divorce can leave both parties in less than ideal financial straits. Although most can quickly work their way back to a better place with money, upper middle class couples who have between $1 and $5 million are more likely to fight to keep what they have.
One family law expert recently reported that couples with more than $5 million tend to fight far less than others. He believes this is because $5 million or more is enough to continue supporting both people, even after being divided in a divorce. Those who earn slightly less do not have the same kind of wiggle room and are typically still only on the cusp of wealthy, so keeping more in the divorce can not only secure their finances, but also their societal standing.
Nicknamed the fighting class, upper middle class couples in Massachusetts can prevent unnecessary fighting through prenuptial agreements. These useful documents can address complicated family law topics such as property division and financial obligations when things between the couple are still cordial. Not only can these documents help the divorce process go more smoothly and quickly, but they can also keep associated costs to a minimum by preventing unnecessary fighting that may cause proceedings to drag on.