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What Is “Financial Infidelity” and How Can it Impact My Divorce?

Posted on in Divorce

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It is no secret that money is the source of countless marital arguments. Many married couples fight about finances because one of the spouses made purchases or accumulated debt without the other spouse’s knowledge. Spouses may also hide assets or income from the other spouse. If you and your spouse are considering divorce, and there has been a history of financial deception in your marriage, you should be aware of the ways that this may impact your divorce.

Almost Half of All Married Couples Admit to Hiding Debt

Most people would agree that honesty is a critical component of a healthy marriage. However, a surprising number of married spouses have admitted to being dishonest when it comes to money. Approximately 41 percent of adults admit to hiding bank accounts, spending habits, or debts from their partners. This so-called “financial infidelity” or deceitful behavior can lead to dramatic consequences, including the end of the marriage entirely.

Financial deception often occurs in marriages in which one spouse controls all of the banking and financial decision-making. If you have been “kept in the dark” about your household finances and you are thinking about filing for divorce, it is a good idea to start educating yourself. Tax returns, bank statements, loan documents, and other financial information can all provide valuable insight into your marital property and debt.

Financial Deception and Divorce

If your spouse has lied about money, hidden bank accounts from you, refused to discuss financial matters or has otherwise been secretive about finances, this could influence your divorce in several ways. During an Illinois divorce, each spouse is required to disclose all of his or her property and debts. This includes business revenue, investments, retirement accounts, and all other assets. Some spouses attempt to hide assets or undervalue property in order to sway the divorce settlement in their favor. An accurate, complete description of all assets and debt is needed to resolve property division, child support, spousal maintenance, and other divorce issues. If your spouse has been deceitful about financial concerns in the past, it is certainly possible that he or she will be untruthful about them during your divorce. This could result in you receiving a divorce settlement that is grossly unfair.

Contact a Cook County Divorce Lawyer

If you are thinking about ending your marriage, it is important to consider how financial infidelity may impact your divorce. For help uncovering hidden assets, negotiating a fair property division settlement, and all other aspects of your Illinois divorce, contact a knowledgeable and dedicated Burr Ridge divorce attorney at Botti Marinaccio, LTD. Call our office today at 630-575-8585 to schedule your confidential consultation.

 

Sources:

https://www.npr.org/2019/04/29/716452865/keeping-money-secrets-from-each-other-financial-infidelity-on-the-rise

https://www.investopedia.com/terms/f/financial-infidelity.asp

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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