Money Secrets: Before and During Divorce
Sometimes the measure of how a couple copes during marriage is a good indicator of how they might handle divorce. A recent British survey looked at questionable spending habits and the impact on a marriage — how does that play out in divorce?
In October, the Mail Online reported the results of a survey conducted by a price comparison website looking at the spending habits of respondents. Results of the query to 1,000 people found:
- One in ten people revealed a situation where one or the other partner did not reveal purchases, and the lack of disclosure led to separation or divorce
- One-third of respondents said they did not disclose the expenditure because their partner would be angry, and another one-third knew their partner would not approve
- Women in the survey felt more guilty about purchases, but men spent more money
As we discussed earlier, couples who disagree frequently about money matters are more likely to divorce. A partner inclined to hide purchases during a marriage may also be inclined to hide assets during divorce. Assets can be hidden in a variety of ways including:
- Reporting less income, bonus or wages than are actually earned
- Failing to report ownership of property
- Misrepresenting amount of debt or taxes
- Fabricating or misstating expenses
- Engagement in unreported business opportunities
- Careful concealment of bank and other value-holding accounts
In 2011, a survey by the National Endowment for Financial Education (NEFE) that polled more than 2,000 American adults found three in ten partners admitted to financially deceiving their partners and 16 percent of those individuals stated the deception led to divorce.
Deception during marriage could mean deception during divorce. Retain aggressive legal counsel in Long Island to ensure your interests are protecting during divorce. Call Bryan L. Salamone & Associates, P.C.