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Money and Divorce

Money and Divorce

Sometimes the measure of how a couple copes during marriage is a good indicator of how they might handle divorce. A recent British survey looked at questionable spending habits and the impact on a marriage — how does that play out in divorce?

The results of a survey conducted by a price comparison website looking at the spending habits of respondents. Results of the query to 1,000 people found some interesting things.

One in ten people revealed a situation where one or the other partner did not reveal purchases, and the lack of disclosure led to separation or divorce.

One-third of respondents said they did not disclose the expenditure because their partner would be angry, and another one-third knew their partner would not approve. Women in the survey felt more guilty about purchases, but men spent more money. As we discussed earlier, couples who disagree frequently about money matters are more likely to divorce. A partner inclined to hide purchases during a marriage may also be inclined to hide assets during divorce. Assets can be hidden in a variety of ways including some of the following – less income, bonus or wages than are actually earned – Failing to report ownership of property – Misrepresenting amount of debt or taxes – Fabricating or misstating expenses – Engagement in unreported business opportunities – Careful concealment of bank and other value-holding accounts.

In 2011, a survey by the National Endowment for Financial Education (NEFE) that polled more than 2,000 American adults found three in ten partners admitted to financially deceiving their partners and 16 percent of those individuals stated the deception led to divorce.

Tips to Help Your Divorce Along

After the conclusion of a divorce, many people think about what they could have done differently. In hindsight, it is easier to see how you might have helped your case.

If a divorce is in your future, consider these tips now to help yourself at the outset of your divorce – try to keep your emotions under control: Even if you are happy with the divorce, you could be fearful about your finances or your children. Realize divorce means dissolution of your current lifestyle and living arrangement. Help yourself by alerting trusted friends and consider speaking with a counselor during tough times.

Retain the right attorney: Decisions made during divorce directly affect your future and any children you have. An experienced divorce attorney knows what to do and how to handle what comes your way. Do not underestimate the need for an authoritative, experienced divorce attorney. Rely on legal counsel to move your case forward promptly and energetically.

Develop realistic objectives: Gain an understanding of your budget, your financial outlook and your thoughts and concerns about any children of the marriage. Gather and organize financial and other documents. Know about your investments and make copies of your tax returns. Run down details to provide to your attorney. If evidence of fraud, parental alienation or other trouble appears, hold onto it. If an incident occurs with your estranged spouse, write down the details, take pictures and keep the email.

Free Consultation with Divorce Lawyer in Utah

If you have a question about divorce or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506