How Can My Spouse’s Financial Infidelity Affect Our Divorce?

 Posted on April 29, 2021 in Divorce

If one were to ask, say, 10 married couples if they have ever hidden any type of financial information from each other, how many do you think would say that they have? Chances are, there would be a good number of them that answer, “yes.” According to a new survey from CreditCards.com, around 40 percent of respondents of all ages who are currently in serious relationships admitted that they were actively hiding a credit card, checking or savings account from their partner. Financial infidelity is common in marriages, but it can come back to haunt the guilty party during their divorce. A partner who commits financial infidelity during a marriage is also likely to affect the financial aspects of the divorce.

What is Financial Infidelity?

There are various definitions of “financial infidelity,” but most commonly it refers to any type of lying or deception about money matters between romantic partners who have combined finances. Many actions and behaviors can qualify as financial infidelity, and all of them can have a significant impact on their partner’s financial situation. Examples of actions that can be considered financial infidelity include:

• Hiding debts that you currently owe

• Lying about your income

• Opening new bank accounts without telling your partner

• Taking on new debt without consulting your partner

• Lying about your spending habits

• Spending more money than you know your partner would be comfortable with

Financial Infidelity and Your Divorce

For many couples, financial infidelity is actually the reason they end up getting divorced. Financial infidelity also often plays a role in the division of marital assets in a divorce case. If you think your spouse may be hiding financial information or assets from you, the asset division process should wait until those issues are resolved. In order to get the most fair and equitable division of assets, you and your spouse must be fully open and transparent about your financial situations.

Contact Our Oak Park, IL Divorce Attorney

If your spouse is hiding financial information from you, your divorce could end up being much more complicated and contentious than it needs to be. At the Law Office of Vincent C. Machroli, P.C., we understand how frustrating it can be to discover that your soon-to-be ex-spouse has not been honest with you. Our skilled Hillside, IL divorce lawyer will help to make sure that the division of property in your divorce case is fair and that you get the portion of the marital estate that you deserve. To schedule a free consultation to begin discussing your case, call our office today at 708-449-7404.

Sources:

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

https://www.creditcards.com/credit-card-news/financial-infidelity-cheating-poll/

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000