Sad but true: spouses may attempt to hide assets, particularly money, from one another. Money, in general, can be a difficult topic for any couple, and it is something that can certainly put a strain on a marriage. In fact, numerous couples in New York and elsewhere choose to file for divorce due to monetary issues.
According to a recent report, approximately six percent of married couples have dealt with financial infidelity. This behavior involves hiding money, other accounts and even debts from a significant other. The same report stated that about 25 percent of married couples believe it is okay to make fairly significant purchases without discussing it with their spouse first. However, this too can have a dramatic impact on one’s ability to trust one’s partner.
For those who feel they may be the victims of financial infidelity, it is possible to uncover any hidden assets or debts. Doing so will not only grant peace of mind but can also ensure a fair divorce settlement. Pulling credit reports, checking files and keeping tabs on known bank accounts are just a few ways to catch a partner who may be hiding his or her assets or debts.
When working through a divorce in New York or elsewhere, it is possible to seek the help of financial advisers or others experienced in finding hidden assets. Taking the time to ensure all assets and debts are accounted for is certainly worth the effort, and it will more than likely pay off in the settlement. If hidden assets and debts are a concern, tackling them before a divorce is finalized will likely be easier than questioning them after agreements are made, papers are signed and the dissolution of marriage is finalized.
Source: mainstreet.com, “Is Your Spouse Hiding Money and Assets From You? It’s More Likely Than You Think”, Nicholas Pell, April 23, 2015