Research shows that if you want to be wealthy, don’t do THIS…

There are plenty of factors that predict future wealth, from education levels to career choices, saving habits and, yes, home ownership. But one fact that's often overlooked when discussing the road to riches is that people who get married – and stay married – end up with significantly higher net worths.

Of course, it’s an unfortunate fact of life that “I do” sometimes becomes “I don’t,” and couples file for divorce. In fact, the divorce rates in the U.S. have grown significantly in the U.S over the last two decades and now sit between 40 and 50 percent.

We can listen to anecdotal marital advice from happily wed icons like Robert Kiyosaki, Warren Buffet, and other wealthy patrons, who attribute stable and sustained matrimonial partnerships as part of the teamwork philosophy that helps them succeed. But studies and hard data also show that personal wealth is significantly eroded with divorce – and that getting and staying married is one indicator of obtaining financial comfort.

A study published in the Journal of Sociology found that over time, divorce reduces a person's wealth by an average of 77 percent compared to that of a single person, while being married almost doubles comparative wealth, to 93 percent.

Furthermore, a report by the General Accountability Office determined that women's household income fell 41 percent on average post-divorce, while it was 20 percent for men.

Of course, the financial burden during the divorce process and when someone is newly single can be crushing, but it's more than just the burden of basically doubling household costs as they are now living single.

First off, the cost of divorce can be prohibitive. If the divorce is contentious, both parties get legal counsel, there are children in the picture, or considerable assets to divide, the price tag can mount quickly. According to MaritalStatus.com, the average cost of a divorce in the U.S. is now about $20,000 to $30,000.

There is also the huge financial blow that comes from paying alimony and child support, which further stretches individual budgets for costs that don't exist for married couples.

Here are some other ways that a divorce will erode finances and inhibit wealth:

·      Credit cards and mortgage banks aren't bound by divorce decrees. That means that you can't just simply take your name off of a mortgage or credit card debt just because you are deciding to split it that way in the divorce.

·      The only way to get a mortgage out of your name is if the other person refinances (and they will have to qualify) or possible through a modification in some rare cases. The only way to get a credit card out of your name is to pay it off or transfer the balance to another card.

·      If one person files bankruptcy, but the other ex-spouse does not, then that person is still legally responsible for the debt obligation. For instance, California is a "Community Property State." That means that any debt you acquired during the marriage, even if it isn't in your name, is your obligation.

·      The taxation picture can change drastically. Couples need to check with the IRS and their tax preparer as to what changes need to be made, but in general, alimony is taxable income to the recipient and a deductible cost to the payer. Each year, almost 600,000 federal tax returns report paying an aggregate $10.7 billion in alimony!

·      Credit score is often impacted. When you obtained credit, you and your spouse engaged in a contract agreeing to pay your bills. Unfortunately, a divorce decree doesn't change that contract. When you divorce, each of you remains fully liable for your debts.

Being faithfully wed for the long term also offers the advantage of economies of scale. From health insurance to automobiles, mortgage payments to vacation spending, only paying once as a unit ostensibly doubles their spending power.

And over time, those saved funds grow exponentially when used for the right purposes, like paying off debt, investing, etc. That’s one key reason why married people end up having significantly higher net worths than their unmarried or divorced counterparts.

In fact, research into the topic by Jay Zagorsky, a scientist at The Ohio State University, found that each person that gets (and stays!) married ends up with about double the wealth of a single person, or those who never get married. But since there are two to a married couple, that means their combined wealth is actually four times that of a single person’s!

According to the Census Bureau, the median net worth for a married couple between the ages of 55 and 64 is $261,405, compared to only $71,428 for a man heading a household and $39,043 for a woman heading a household.

But is it that married people accumulate more wealth, or wealthier people are getting married? Both are probably true, according to studies. People with higher education and income levels tend to marry at higher rates and divorce less than their less educated and lower means counterparts.

According to a 2014 study, in households that made:

$125k income or more were 51% less likely to get divorced

$100k-$125k 42% less likely to get divorced

$50k - $100k 39% less likely

$25-$50k only 31% less likely to get a divorce.

Ironically, the most significant decreases in marriage rates and increases in divorce rates have come among the poor and lower class in recent years – the exact demographic who would benefit the most from joining and pooling their finances.

Furthermore, in most marriages, one spouse or the other takes a leading role in financial management. It's not that the other isn't capable, but it just makes sense that two people don't overlap their work, time, and energy handling the same task. So after a divorce, you usually end up with one person unaccustomed to managing their finances but thrust unwittingly into that role with little help or support.

From a real estate standpoint, the theory that divorce erodes wealth makes perfect sense. Consider that it often takes two people to qualify for a mortgage when it comes to compiling a down payment, fitting into the Debt-to-Income parameters, and especially making the monthly payment. But couples that stay married are also more likely to pay down and pay off their mortgage, invest in rental properties and other real estate, and prioritize saving for the future instead of frivolous personal spending.

There are plenty of other childcare, retirement, tax filing and household cost advantages for married people.

So, love aside, if you want to become wealthy, get married and stay married!