Are you thinking of getting married but afraid it may not last? You are not alone, as it is common knowledge that about half of all marriages in the US end up in divorce. However, this doesn’t meant that yours will, at least not for 8 years. That is the average number of years a couple in their first or second marriage will stay married.
However, if both you and your spouse’s parents stayed married, you have a better chance of making it past your 10th year anniversary than those whose parents are divorced or separated. Overall, that is 67% of the total number of married people in the US, with about 35% making it past their silver wedding anniversary. A rather impressive 6% still make it to 50 years, considering that in all probability one spouse will predecease the other before that milestone is reached.
Speaking of which, about 15% of people chose to separate rather than divorce for financial reasons. Divorce can be expensive, which would account for the drop in divorce filings in 2008 when the economic crisis first began to bite into earnings. According to the website of the BB Law Group PLLC, this is often because, this doesn’t mean that during more affluent times, people got divorced more. It only means that it was not always practical to go through the process, especially as it can adversely affect the living standards not only of the divorcing couple but also their children. About 28% of children of divorced parents live below the poverty level.
In Texas, the picture is not so bleak. The Lone Star state is only one of 9 states where the community property laws are in place in a divorce. This means that whatever wealth has accumulated in the marriage will be divided between the spouses. Compare this to the equitable share laws that are in effect in the majority of states, where the higher earning spouse gets to keep a higher percentage of the assets. This is because the property belongs to the spouse that purchased it as deemed “fair and equitable.”