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Should you remain transparent about your finances during a divorce?

On Behalf of | May 27, 2022 | Family Law

Most couples choose to merge their finances after marriage. When you decide to divorce, it may become complicated to divide your finances or personal property. Some spouses decide to hide their finances before a divorce, but hiding their assets can land them in trouble.

According to the Huffington Post, you can focus on your finances, but you should not hide them from your spouse.

Why people consider hiding finances

People consider hiding finances from their spouses for various reasons. In some cases, it is to prepare for a breakup or to keep the partner from spending recklessly. If you have earnings that belong solely to you and you and your spouse agree to have independent finances, you can save money in preparation. As you save money, you can begin to replace marital property items with your own items to fill a new apartment or home.

How hiding finances can damage your divorce case

Financial infidelity can damage your relationship with your spouse. Deceptive practices can cause more damage, even if you mean well. For example, if you believe your spouse cannot manage finances responsibly, you should not hide money or manage them behind his or her back. Instead, be transparent and open and let your partner know your fears.

When hiding money because you do not want to let go of any of your financial stability during the divorce, the court can punish you for it. As a married couple, you have to respect marital property. You have to disclose your assets during a divorce. Any hidden assets should come out during the proceedings.