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Shark Tank investor Kevin O'Leary recently appeared on Fox Business's Fox and Friends, where he shared his thoughts on why married couples get divorced. He told the Fox News crew that he wrote a book once called Cold Hard Truth on Men, Women, and Money, and opened up about what he found out while researching.
"Most marriages that end after five years, 50% of them, and it turns out it has nothing to do with infidelity. It has everything to do with financial stress," he commented.
O'Leary investor shared a snippet of the conversation on his Instagram page, in the caption of which, he called divorce "the biggest destroyer of wealth." He noted that marriage was a financial partnership and urged people to choose wisely and protect their wealth.
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"There's a first child you have at the table" — Shark Tank investor Kevin O'Leary comments on married couples and their shared responsibility of managing money
While in conversation with Fox and Friends, Kevin O'Leary shared his honest thoughts about managing finances in a marriage. When asked if he believed getting married once was the right thing, he opened up about what he found out while researching for his book, Cold Hard Truth on Men, Women, and Money.
The Shark Tank season 16 investor revealed that he had spoken to divorce lawyers at the time and discovered that of most marriages that last five years, half of them end in divorce. He noted that, contrary to popular belief, infidelity wasn't the top reason why married people parted ways. It was financial stress.
O'Leary added that when one partner outspent the other, it led to couples getting divorced. He further noted that the one thing he would tell everyone was that they needed to balance their finances.
"There's a first child you have at the table, even though no one's been born yet, it's called Mr. Money and you've gotta take care of that child," he added.
He said getting married was similar to starting a business, as the coming together of two people was a financial union, and families took care of each other. The Shark Tank star noted that before tying the knot, people needed to think about who they were marrying and whether they had the same financial goals.
"Are we gonna get there together or is my other significant going to spend me into debt?" he said.
The Shark Tank investor noted that all of his friends had been married three or four times, and they weren't very happy, and he kept telling them that maybe they were the problem.
O'Leary called divorce a "geometric decrease," stating that during a divorce, people had to sell a lot of things and that the capital gains tax on it. The investor also noted that people had to distribute their wealth, and if they got remarried, they had to start all over again with half the money they had before.
"Why don't you just fall in love with your wife all over again? Or husband and forget about it?" he added.
He urged people to choose whom they married wisely and said that he believed in getting married once.
Kevin O'Leary is one of the regular investors who appear on Shark Tank season 16, along with Lori Greiner, Mark Cuban, and Robert Herjavec. In the latest episode of the ABC show, Daniel Lubetzky returned to the stage as a guest investor, as several entrepreneurs appeared on the show in hopes of making deals.
Tune in on Fridays at 8 pm ET to watch new episodes of Shark Tank on ABC.
