On spouses who hide assets

Wisconsin residents who are considering a divorce should be aware that it is not uncommon for money troubles to lie at the root of their marital difficulties. Recent studies have produced some revealing statistics relating to marital financial issues.

It is surprisingly frequent to find spouses who feel that it is acceptable to leave their partners out of financial decisions. About 20 percent of married people said that they would make a purchase of $500 without informing their spouse of it. Surveys find that approximately 6 percent of all married people have opened a bank account that was hidden from the spouse. About 10 percent of all spouses describe their partner as financially controlling, demanding unfair domination over the couple’s economic affairs. It is also regrettably common for one spouse to hide assets from the other.

Statistically speaking, the discovery that a spouse has concealed a bank account or other assets should not be taken as an encouraging sign. Although there is no absolutely reliable predictor of the end of a marriage, this has appeared as a consistent factor in many surveys. Issues with money are one of the leading predictors of eventual divorce, and hiding assets speaks volumes to problems with trust and responsibility.

Property division can often be one of the most contentious parts of the divorce process, and it can be even more difficult when one spouse is believed to have been less than forthcoming regarding financial matters. An attorney can often be of assistance to a divorcing spouse who is concerned that the estranged partner has hidden assets, and in some cases the attorney may suggest obtaining the help of a forensic accountant in that regard.

Source: Deseret News, “The top predictor of divorce — and how to avoid it”, Herb Scribner, Nov. 2, 2015