We all know that marriage is about love and trust. However, once that trust is gone and love has dissipated, it is important to get smart. If you are preparing for divorce, ensure that you are financially protected. If you are not careful, your former loved one could pull the wool over your eyes.
Did your spouse handle the money in your marriage?
You may have trusted your husband or wife with financial responsibilities during marriage. We see this with many relationships. One person does the chores while another handles the money. After all, it is easier to have bills in one person’s name.
However, if you have no clue about your family’s financial standing, this is problematic. It is time to find out the details. Do not be ignorant in the divorce process. If you are not careful, your soon-to-be ex could walk away with a substantial and unfair share of money.
Signs your spouse is hiding assets:
Do you know if your spouse is hiding marital assets? If you are not sure, look for the signs:
- Your spouse is secretive about money.
- Your spouse maintains absolute control of bank account information and online passwords.
- He or she keeps a private mailbox or P.O. Box, which is used for bills and account statements.
- He or she reports a decrease in the value of business investments or marital assets.
- Your spouse frequents countries with relaxed banking laws.
- Your spouse suggests an execution of mutual durable power of attorneys for “estate planning” reasons.
- He or she acts pushy when obtaining your signature on important documents (for example, deeds and tax returns).
- He or she opens several business or personal bank accounts without reason.
- Your spouse has unreimbursed business account expenses.
Ultimately, it is your responsibility to uncover accounts, assets and other financial matters. If your spouse is undervaluing assets; exaggerating debts; reporting low revenue; or reporting high expenses, you may have a problem on your hands.
Even if your ex is not hiding assets, you should educate yourself on your family’s financial status. It might have been okay to be ignorant within the marriage; however, with divorce pending, you now have the responsibility to uncover all relevant information.
This is just one way to prepare for divorce. To find out more safeguards and tips, speak with a local family law attorney.