Financial infidelity is a concept that refers to a spouse hiding money, assets and possessions from their partner. Having separate or secret financial holdings is quite common in relationships in the United States. A recent survey conducted by CreditCards.com revealed that 12 million Americans have bank accounts or credit cards that their significant other is unaware of.
Nearly half of Americans have admitted to some form of financial infidelity. Almost 50% say that they don’t know how much their spouse makes. They noted that they’d be unable to estimate the amount within $25,000 as well.
Financial issues are one of the leading causes of relationships coming to an end. Couples need to have a working knowledge and understanding of each other’s financial situation. They need to know how much each other makes and what kinds of debts and financial obligations that they have. It’s also important that they know about each other’s spending habits and retirement plans.
If you are in the process of getting a divorce and do not have a firm knowledge of your spouse’s assets and earnings, then it could make getting a fair settlement very difficult. You may have to hire a private investigator or a forensic accountant to search for your spouse’s potential hidden assets.
Spouses who suspect that their husband or wife is hiding assets may find it relatively easy to get their hands on copies of their most recent tax returns. Other documentation may be more difficult for them to acquire though. They’d potentially need to know which banks their spouse does business with. They’d have to search state records to find out if they owned a business. Determining whether your husband or wife has investments in other states or countries can be even more involved.
Going through a divorce is stressful. Splitting up can be even more complicated when a spouse is potentially hiding assets. An experienced attorney who’s handled Ohio cases that involve financial infidelity is who you’ll want to try your case.
Your Columbus lawyer will be your steady legal guide as you weather unchartered territory. This can make the difference between you getting a fair versus a one-sided divorce settlement in your case.