When a couple gets married or otherwise decides to build a life together, it is common practice to commingle finances. This often leads to each spouse/partner knowing the couple’s full financial situation.
However, it is also not uncommon for spouses/partners to keep financial secrets from one another. If done for the wrong reasons or if left unaddressed, these financial secrets can harm the relationship and make a couple more likely to divorce.
According to a recent survey of U.S. adults that are married or co-habitating, nearly one in five (19 percent) admitted to hiding a credit, checking or savings account from their partner. To be sure, there is no rule saying that couples must completely commingle finances with one another, and it is perfectly fine to maintain some separate accounts.
When partners have significantly different financial views and habits, however, the strain can be enough to damage the relationship and lead to divorce. When that happens, there is reason for concern that the behavior of hiding assets will continue.
Discovering hidden assets and secret spending in divorce
If hidden assets/debts and secret spending have historically been a problem in your marriage, they may also be a problem in your divorce. For this reason, you should work with an attorney who will conduct a thorough analysis and accounting of assets owned jointly and separately. The process will also help uncover any significant debts that one spouse has incurred on a joint account.
Some spouses are very creative when it comes to hiding assets, especially in high-net-worth divorces involving a variety of diverse assets. If left undiscovered, these hidden assets could lead to a very unfair divorce settlement, impacting you and your children for years to come. The good news is that working with the right family law attorney can greatly increase transparency and help you hold your spouse liable for attempting to hide assets.
To learn more about how the Raleigh Divorce Law Firm approaches asset division on behalf of our clients, please visit our property division page.