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Divorce: Full disclosure is required regarding finances

On Behalf of | Mar 26, 2020 | Divorce |

Before 2020 ends, many Washington spouses will end their marriages. Which spouse files for divorce depends on the unique circumstances of a particular marriage. A lot of couples say that financial disputes were a causal factor in deciding to divorce. 

Married couples often have financial personalities. Some share everything 50/50 when it comes to money, income, expenses and more. For these couples, there are no secrets, and they often say they completely trust their partners when it comes to money. Others, however, may have some trust issues going on in their relationships, which often leads to secrecy where finances are concerned. 

Perhaps, one spouse thinks the other will disapprove of an expenditure or will try to control every little penny, so he or she hides information or does not approach financial discussions with full disclosure in mind. There are also couples who simply prefer to act independently from each other, each having his or her own bank accounts, and not expecting the other to share every little detail of his or her spending habits. If a couple has devised a plan that works for them, that is great. 

When a Washington couple decides to divorce, serious problems can arise if a spouse tries to be secretive regarding money or other marital property. In fact, hiding assets in divorce is illegal. If a spouse asks his or her partner about money missing from a savings account or new artwork that he or she has suddenly purchased and is met with a defensive or combative attitude, there might be cause to suspect a hidden asset problem. A concerned spouse may wish to seek support from an experienced family law attorney who knows how to uncover a hidden asset scheme.