Picking up from where 6 Facts to Know about Hidden Assets in Divorce (Pt. 1) left off, here we will continue presenting some important facts to know about the concealment of marital property during a divorce.
More Facts About Hidden Assets in Divorce
Fact 3 – Hiding and/or Lying About Money Between Spouses Is More Common Than You May Realize.
While it may not be that surprising to find out some of the common ways that people can try to maintain hidden assets in divorce, what can be shocking is finding out just how many people admittedly conceal or lie about money to their partners. In fact, according to data compiled by the National Endowment for Financial Education (based on a various national surveys):
- Nearly 1 out every 3 adults in the U.S. who has combined assets with a romantic partner has admitted to lying about money.
- Close to 60 percent of people have admitted to hiding money from their romantic partners.
- Over 53 percent of people admitted to concealing purchases from their romantic partners.
- More than 33 percent stated that they had intentionally misinformed their romantic partners about income, debt, and other financial matters.
These findings, which were based on responses from married people, can underscore just how problematic honesty about finances can be. Perhaps, more importantly, however, they also reveal that hidden assets in divorce can be a far bigger issue than you may have realized.
Fact 4 – There Are Some Common Red Flags That Can Indicate When a Former Partner May Be Hiding Assets in Divorce.
In particular, some of the more common indications that a former partner may be hiding assets in divorce can include:
- Removing important financial documents from your residence.
- Sending his or her important mail to another address.
- Making unexpected and/or large “loans” or “gifts” to family or friends.
- Finding out that your former partner has bank accounts, retirement accounts, or other assets that you never knew about.
- Telling you that (s)he has recently had a pay cut and/or has developed a gambling problem.
When such common red flags of hidden assets in divorce arise, it’s important to consult with an experienced lawyer who can help you investigate the situation further.
For some final important facts about hidden assets in divorce, be sure to look for the conclusion to this blog series – it’ll be posted soon!
Scottsdale Family Law Attorney at the Law Office of Karen A. Schoenau
Are hidden assets an issue in your divorce? Or do you need any assistance with divorce? If so, you can rely on Scottsdale Family Law Attorney Karen Schoenau for effective representation and the best possible outcomes to your case. Since 1987, Karen Schoenau has been committed to helping people resolve their important family law matters, and she is ready to put her experience, skills, and resources to work helping you resolve your divorce.
To receive professional advice and learn more about how we can help you, schedule an initial consultation with Attorney Karen Schoenau. You can set up this meeting by calling 480-467-3435 or by emailing us using the drop-down contact form at the top of this page.
From her offices based in Scottsdale, Attorney Karen Schoenau represents clients throughout the metropolitan Scottsdale area, including Scottsdale, Mesa, Surprise, Maricopa County, Pinal County, Gila County and throughout the state of Arizona.