Financial dishonesty among married couples

Posted by Lauren S. CohenJan 21, 20150 Comments

It's a phrase most have heard since they were a kid: “honesty is the best policy.” This phrase can be particularly on point when it comes to a marriage. Open and honest communication between a couple can sometimes help quite a bit in keeping a marriage happy.

It appears, however, that many married individuals here in the U.S. engage in dishonesty towards their spouse when it comes to the important matter of finances. Recently, released some estimates on such dishonestly. According to the estimates, hiding a purchase of $500 or more from one's spouse or partner is something around 20 percent of Americans have done and concealing a credit card account or bank account from a spouse/partner is something around 7.2 million Americans have done.  

Why do you think such financial dishonesty is as common as it is?

It stands to reason that, if married individuals are willing to be financially dishonest with their spouse during a marriage, they might also be willing to be financially dishonest with their spouse during a divorce. One particularly harmful form of financial dishonesty in a divorce is asset hiding. When a person conceals assets during a divorce, it could deprive their spouse of a fair property division

Thus, if a person is in a divorce and believes that their spouse may be engaging in asset hiding or some other type of financial dishonesty in relation to the divorce, they may want to take the matter to a family law attorney. Such attorneys can look for signs of hidden assets and can help individuals with legal actions against a soon-to-be-ex-spouse over suspected divorce-related financial misconduct.  

Source: CNBC, “7.2 million Americans hiding money from spouses,” Jennifer Barrett, Jan. 21, 2015