3 Factors To Consider If You Want To Marry For Money

You may have seen the viral trend that has singles “looking for a man in finance with a trust fund.” This is an exploration of marrying for money, and its impact on happiness, legal and tax ramifications, and emotional considerations.

Money Does Buy Happiness

There have been many studies about money’s impact on happiness. A 2023 study by the Federal Reserve indicated that households with higher combined incomes have superior access to quality healthcare, education, and investment opportunities.

In fact, a 2021 study of nearly 2 million people showed that happiness levels continue to rise as income levels rise. Previous studies have indicated a plateauing effect at around $75,000, which this larger-scale study found no evidence of. So yes, having access to a greater amount of income can make you happier than less income, all other things being equal.

Legal And Tax

If you get married, regardless of who you choose to marry, there are generally tax benefits and simplifications to some estate planning considerations. If you and your prospective spouse bring widely varying assets and income to the table, your partner or their family may insist on a prenuptial agreement. As unromantic as a prenup may sound, they can be quite effective at making sure both parties are treated fairly in the event of divorce or separation.

Divorce

By now, you may have heard that many marriages end in divorce. Divorce can be an incredibly costly and emotional undertaking, so let’s explore the data and see if marrying for money increases the chance of divorce. According to the CDC, the divorce rate is about 42% on average, with first marriages having higher success rates than subsequent marriages.

A 2023 study on divorce by socioeconomic status found that divorces are actually less common for middle and upper-class adults (30%) than for poorer individuals (48%) and working-class adults (41%). A 2023 study at Duke University had similar findings, showing that there was a negative association between wealth and divorce rates.

There may be a chance that if you’re marrying someone with much higher income than you, you are marrying someone who is also older than you. A 2010 National Library of Medicine study discovered data suggesting that relationships with greater age gaps can have greater instability, leading to higher chances of divorce. It suggested that the chance of divorce increases only slightly with a small age gap but dramatically for a larger age gap.

Emotional

Earlier in this article, I mentioned it’s better to have access to a greater amount of income and assets, all things being equal. But for anyone who has ever gone on dates with prospective partners, you know that all things are generally not equal.

Affinity bias tends to lead people to choose partners who come from a similar background. This preference for someone like you may make it difficult to connect with someone from a different background to get to the marriage stage.

Conclusion

It’s no secret that having more financial security adds to feelings of happiness and satisfaction. This can be achieved by marrying a partner who makes more money than you but is not a prerequisite. Remaining single and growing your assets and income or marrying someone who makes about the same amount of money as you can also add to these feelings of happiness. Emotional biases also contribute to you preferring a partner from a similar background to you. In short, you do not need to find someone in finance with a trust fund, but there are some marked benefits associated with financial security.

This article was originally published by me on Forbes.

This informational and educational article does not offer or constitute, and should not be relied upon as, tax or financial advice. Your unique needs, goals and circumstances require the individualized attention of your own tax and financial professionals whose advice and services will prevail over any information provided in this article. Equitable Advisors, LLC and its associates and affiliates do not provide tax or legal advice or services. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) and its affiliates do not endorse, approve or make any representations as to the accuracy, completeness or appropriateness of any part of any content linked to from this article.

Cicely Jones (CA Insurance Lic. #: 0K81625) offers securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN) and offers annuity and insurance products through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC). Financial Professionals may transact business and/or respond to inquiries only in state(s) in which they are properly qualified. Any compensation that Ms. Jones may receive for the publication of this article is earned separate from, and entirely outside of her capacities with, Equitable Advisors, LLC and Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC). AGE-6961324.1 (08/24)(exp.08/26)