When people think about infidelity, they typically think about one spouse or the other cheating with another person. However, did you know there's an entirely different type of infidelity that may not even involve another person? It's called financial infidelity.
If you think that your spouse is committing financial infidelity, there are warning signs. From large purchases on their own to small things that can add up to significant issues, here are the top signs of financial infidelity.
Related post: 3 Key Things You Probably Don't Know About Infidelity
Financial infidelity occurs when one spouse or partner hides information relating to finances from the other partner. That could include excessive spending, using family funds to help a friend without telling your spouse, increasing credit card balances, or even gambling. Financial infidelity not only has the ability to completely destroy any trust within a marriage or partnership but...
by Laura Miolla, Certified Coach, Mediator and Parentology Coach
Infidelity is a LOADED word. You think you know what it means. You might know how it feels. You definitely don’t want it to happen to you. The very thought of it creates an immediate knee-jerk reaction of fear and anxiety. Like most people, you probably define infidelity as cheating … sexual relations outside of the marriage … and yet, that definition only scratches the surface of what infidelity REALLY is and how it can sabotage your marriage.
Infidelity is defined as “the action or state of being UNFAITHFUL to a spouse.” And there are THREE types of infidelity, not just one: Emotional, Physical and Financial.
If you and your spouse are going through the process of a divorce in court, the judge will try to ensure that all of your shared property is divided fairly or equally, depending on the laws in your state. However unpleasant it is to consider, there is a possibility that your spouse could be concealing some of the marital assets in an attempt to keep more for themselves.
In this post, we’ll go through some of the most common ways someone might try to hide their assets. The better you know what to look out for, the easier it’ll be to spot the inconsistencies and make sure you get your fair share.
Related post: How to Find Hidden Assets in a Divorce
A relatively simple way a divorcing spouse might hide financial assets is by taking money out of a joint account in both of your names or from a brokerage account. They would then transfer that money to an account only in their name.
Your spouse could also transfer money to a friend, rather...
Have you ever wondered if your husband or wife is hiding assets? Do you want to know how to find hidden assets? Read on.
It’s an unfortunate truth but it’s common for individuals to hide assets during a divorce. While we may still want to think better of the person we married, it’s important to be diligent and do your research.
Take a look at all savings, checking, brokerage, trust accounts, and any other accounts used by either spouse during the marriage. This can be tough if a person deals with a lot of cash transactions. Hiring a Certified Divorce Financial Analyst (CDFA) to do a lifestyle analysis is a smart decision. They can comb through all sources of income and expenses and find things that don’t add up.
A CDFA will usually review at least 3 years of returns, which provides a fair amount of insight into one’s financial picture. Often, tax returns can reflect...