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Financial infidelity could set your share back in divorce

On Behalf of | May 25, 2020 | Divorce |

Divorce is hard emotionally, but it’s not without its financial tolls either. Gaining stability once you’re through the process can be difficult. To add to complications, a partner lying about their assets can set you behind where you should rightfully stand.

Around one-third of Americans have lied about finances to their partner, from hiding purchases to concealing income. These revelations may come as a surprise when assets come up in divorce – if they ever see the light of day.

Property pieces

Knowing how much money the courts have to divvy up is essential if you’re going to get a fair share. Both you and your partner will have to show the courts all assets and liabilities. The courts will then make the call on how to split things up.

The amount you present will influence your overall split and things like ongoing support. While not every cent is up for division, you’ll want to make sure your spouse lists everything, so the courts know what they’re working with. A judge could assign you property that is only in your partner’s name or is something they acquired before you were married.

Concerning concealment

But an accurate divide isn’t possible without an accurate number. While many people confess to hiding a minor purchase or a bill, there are a few people guilty of deception that seriously sway their divorce proceedings:

  • 15% had a hidden bank account
  • 11% concealed a major purchase
  • 14% were dishonest about their income

You’ll still have five years after you finalize the process to revisit the decision if your partner covered something up, but it’s best to get it the first time. Make sure you know where all the money might be hiding, and you could be on your way to getting the portion of the property you deserve.