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Chandra E. Miller

A Northern California Family Law Firm

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On their own: women and wealth

| Jul 2, 2014 | High Asset Divorce

While they say opposites attract, more often, romantic relationships develop when two individuals meet and discover they have similar backgrounds and interests. Individuals may connect over a shared love of travel or a discovery that they have a friend or interest in common. According to a recent study conducted by Bank of America Corp., the same seems to be true when it comes to wealth and assets.

For the study, 680 customers with at least $3M in assets were asked a series of questions. Of the respondents, about 292 were women of whom roughly 152 said that, upon meeting a significant other, they had more or equal assets to that of a husband or live-in partner. The results of this study helps discredit outdated beliefs that women marry for money, but reaffirms the notion that individuals tend to be attracted to other individuals with whom they share similar interests and backgrounds which are often determined by money.

Much like their male counterparts, many of those women surveyed, reported earning their millions through a number of channels including inheritances, work and divorce settlements. While today’s American women certainly have more opportunities to earn sizable incomes, the U.S. Census Bureau reports that a fulltime working woman still earns only about 77 cents for every dollar earned by fulltime working man.

Additionally, women who choose to take a time out from their careers to have children tend to be penalized for their decision. Women are also less likely to be promoted as quickly as men which can take a significant financial toll on their lifetime earning potential and overall wealth accumulation.

From the results of this study, it appears as though a significant percentage of wealthy women marry men of equal or almost equal means. In cases where a marriage between two wealthy individuals fails, the divorce settlement process is often complex and may grow contentious. For these reasons, wealthy individuals in Placer County who wish to file for divorce, would be wise to seek a divorce attorney who handles high-asset divorces.

Source: Akron Beacon Journal, “Rich joined in marriage as millionaire women bring equal wealth,” Margaret Collins, June 20, 2014