Financial Infidelity Can Destroy Trust in Marriage

 Posted on June 29,2019 in High Asset Divorce

People usually associate infidelity in a marriage with having a romantic affair. There are other ways that spouses can lie to or hide things from each other that are just as hurtful. One way that is receiving increased attention is financial infidelity, which is when a spouse has secret financial accounts or debts. Financial infidelity is not only a betrayal of trust, but it also puts the unaware spouse at financial risk. In some cases, the betrayal may be serious enough that the spouses choose to divorce.

Understanding Financial Infidelity

Digital technology makes it easy for someone to create secret accounts or conduct financial activities without their spouse knowing. The person can control everything remotely and hide records. As with most lies, the truth comes to light usually when the lying spouse feels compelled to confess or the unaware spouse discovers evidence of the secret finances. There are several reasons why a spouse may have secret assets or debts:

• The assets could be paying for a romantic affair;
• The spouse may have an addiction, such as gambling, shopping, or substance abuse;
• The spouse may have obtained the money illegally; or
• The spouse may be siphoning away money because they are preparing to leave the marriage.

Regardless of the reason, financial infidelity affects both spouses because they are both liable for debts accumulated. Even if there are no debts, the money diverted to the secret account could have been used to pay for marital expenses, child expenses, or retirement savings.

Effect on Divorce

Whether financial infidelity should end in divorce is a personal decision. Some spouses stay together and try to rebuild their trust. If you choose divorce, your spouse’s financial history should affect how you handle the divorce. You cannot assume that you have found all of your spouse’s hidden assets. You may need a forensic accountant to investigate your marital finances for any unexplained expenses, missing income or suspicious activity. The divorce court has the discretion to punish your spouse for past or current financial infidelity. Illinois law requires a divorce to equitably divide marital properties and debts. The court could give you a greater share of the marital property as compensation for your spouse’s infidelity.

Contact a DuPage County Divorce Attorney

You must protect your financial security when going through a divorce. Financial infidelity puts that at risk by draining your marital assets and hitting you with hidden debts. A Naperville, Illinois, divorce lawyer at Calabrese Associates, P.C., can help you deal with an untrustworthy spouse who may be hiding assets. Schedule a consultation by calling 630-393-3111.

Source:

https://www.thebalance.com/dealing-with-financial-infidelity-2385807