Jan 20, 1:55 PM (ET)
By Joanne Morrison
WASHINGTON (Reuters) - Staying married has its benefits, especially financial, as a new U.S.-wide study shows the wealth of a married person is almost double that of somebody who is single.
Divorce among U.S. baby boomers reduced personal wealth by about 77 percent compared to that of a single person, while the financial standing among those who remained married almost doubled, according to a nationwide study released this week.
"If you really want to increase your wealth, get married and stay married. On the other hand, divorce can devastate your wealth," said Jay Zagorsky, author of the study and a research scientist at Ohio Sate University's Center for Human Resource Research.
Married people will see an increase in wealth that is more than just adding the assets of two single people, according to the study that was published in the Journal of Sociology.
Those who remained together saw a 93 percent gain in wealth compared to that of a single person, while individuals facing divorce saw their financial situation deteriorate long before the decree became final, according to Zagorsky.
The study used data from surveys taken over a 15-year period involving 9,055 Americans who were between 21 and 28 years old in 1985.
Those respondents who remained single had a steady, but slow growth in wealth, from less than $2,000 at the start of the surveys up to an average of about $11,000 after 15 years.
However, those who married and stayed that way showed a sharp increase in wealth accumulation after marriage, growing to an average $43,000 by the 10th year of marriage or by about 16 percent a year.
For people who married and then divorced, there was a slow build-up of wealth during the early years of marriage and then a steady decline about four years prior to divorce.
"Many of these people may have separated before the divorce became official, which would help explain why wealth starts falling so early," Zagorsky said. "Divorce is often a long and messy process, and you can see this in the four-year decline in wealth."
The study also cast doubt on a common assumption that divorce is much harder financially on women than on men. In fact, it showed that women suffered financially only slightly more than men.
Marriage builds wealth more than being single?
Moderator: Dictators in Training
Marriage builds wealth more than being single?
Inside each person lives two wolves. One is loyal, kind, respectful, humble and open to the mystery of life. The other is greedy, jealous, hateful, afraid and blind to the wonders of life. They are in battle for your spirit. The one who wins is the one you feed.
Maybe if you gentlemen weren't so impressed over looks and looked for a little more substance you'd find a girl that didn't cheat on you or soak you with alimony....
Inside each person lives two wolves. One is loyal, kind, respectful, humble and open to the mystery of life. The other is greedy, jealous, hateful, afraid and blind to the wonders of life. They are in battle for your spirit. The one who wins is the one you feed.
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araby
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I don't want to get married, but I swear it's the fucking truth, being single and independently wealthy doesn't pay...if your partner, or live-in situation would improve by saying you're married, then why not do it? If it doesn't work, there's always divorce, right? I hate our mindsets, noone is afraid to get divorced anymore, noone has enough self-respect or respect for others anymore, and it's not getting better! The truth is, that we have made our lives into the most convenient way to live now. It's never been easier/faster to get/do anything!
cheaters will cheat and the greedy will want..marriage is a joke today. the only way to benefit from a marriage-the legal union on paper-is financially. I don't mean of course, that families aren't a benefit...but you don't have to be married to have families.
I wish we took marriage seriously. Life would be a lot different.
cheaters will cheat and the greedy will want..marriage is a joke today. the only way to benefit from a marriage-the legal union on paper-is financially. I don't mean of course, that families aren't a benefit...but you don't have to be married to have families.
I wish we took marriage seriously. Life would be a lot different.
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Jimmy Durante
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Minrott wrote:"If you really want to increase your wealth, get married and stay married. On the other hand, divorce can devastate your wealth,if you're a man. If you're a woman, get married, get pregnant and steal everything he's got!"
Ugz's ex wife practically runs a business with the child support payments she has coming in to her. The amount of money he has to pay her for one child each month is fucking disgusting. He could afford to make 5 of my monthly car payments with it. If the same amount of money was put into an account for his daughter, she could have 4 years of college entirely paid for in just 6 years. And it just fucking got raised again. And the woman is an Office Manager in Atlanta - it's not like she's flipping burgers and can't afford to raise her child.
It's stupid, pushy, greedy women like that, that give the rest of us women a bad name.
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Darcler
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I'm not divorced with a child so I dont know about it personally, but my friend is. She gets paid like 300 or 400 a month from her ex in child support. I think that is enough to raise a 5 year old for a month, but he just got a raise so she is pushing for more after he moves in and get settled. Her kid is covered under his insurance and stuff...I just dont know why she needs more, other than the "this is what you get for leaving me" mindset.
I just dont know why she needs more, other than the "this is what you get for leaving me" mindset.
And that's exactly what it appears to be in our case, too. Granted I understand that not every cent that Lang pays her is put directly towards his daughter. Some of it's being used to pay for rent, for utilities, for groceries. Fine - all of that goes towards ensuring the well being of his child.
But plastic surgery and a new SUV is not part of making sure his daughter is provided for, and that's exactly what she's talking about using the money for.
Child support, in many situations, is a very useful and good thing to have and I can totally understand the need for it. However, all too often it is abused simply as a means of being vindictive.
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Darcler
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Well, she does use it to pay rent. She works at Walmart, so she doesnt make a lot. While she is living with her mom...in a house that is paid for...she makes her pay rent...400 a month. Good mom. 
But now she is moving in with her fiance, who also works at Walmart, so I think all of it is going to rent/utilities.
She is getting a fat tax return and is furnishing her apartment with all of that.
But now she is moving in with her fiance, who also works at Walmart, so I think all of it is going to rent/utilities.
She is getting a fat tax return and is furnishing her apartment with all of that.
Darcler wrote:Well, she does use it to pay rent. She works at Walmart, so she doesnt make a lot. While she is living with her mom...in a house that is paid for...she makes her pay rent...400 a month. Good mom.
So why the fuck should her mom have to still support her and her kid? Gimme a break .. her turn's over~ Hell I had to pay my parents a couple hundred a month as soon as I was outta highschool. If you get to live for free, where's the incentive to do anything with your life?