When falling in love and entering into a new relationship, most people think about living together, binding their lives together and sharing everything in common.
Everything, that is, except the money. For many people in married or live-in relationships, the money is a separate thing. More and more people are hiding money from their spouses, keeping secret accounts and large amounts of cash out of view from their partners. How do these hidden assets impact divorces and separations?
Hiding some small assets from a spouse is nothing new. People have been doing this for many years. But according to CNN Money, the trend is becoming more commonplace and the amounts of money being hidden are increasing rapidly.
“Some 15 million people are hiding credit cards, checking accounts or savings from their live-in partners.” Further, “Young people are hiding more than other generations, with 31% of Millennials admitting to having a secret account, compared to 24% of Gen Xers and 17% of Baby Boomers.”
Clearly, hiding money in marriage and other committed relationships is a growing phenomenon.
Financial Infidelity: Discovering Hidden Assets in Divorce and Separation
For some people in marriage relationships, the expectation is to have all income and assets in common. Hiding money amounts to a form of infidelity – cheating.
At any rate, in divorce or separation, the courts will divide assets equitably, so the law sees all money and other assets as shared among the partners in a relationship. The problem with hidden assets is that the court does not have visibility over these assets. A judge can’t divide assets he or she can’t see.
Therefore, it is critical to work with an experienced lawyer who knows how to uncover hidden assets and bring them to the light, so they can be divided equitably. Even if you don’t expect that your partner is hiding assets, a skilled attorney will know where to look and how to bring out these hidden assets.
It is important to protect yourself and your future, so make sure you don’t cut any corners when it comes to looking into your partner’s assets in the divorce process.