As many California residents might appreciate, while there are a variety of reasons couples obtain divorces, one of the biggest has to do with financial matters. Specifically, some experts estimate that when an individual keeps a money secret from his or her spouse, such behavior might often lead to divorce. This problem also will often translate into a greater issue during the divorce proceedings where transparency and honesty are the best key to a successful and stress-free divorce.
One article indicates that there are nine major money-related reasons couples might obtain a divorce. This includes keeping it a secret from one’s spouse that you are heir to a fortune, hiding lottery winnings or even keeping a secret bank account. Furthermore, keeping other types of money secrets is no better. For example, not telling one’s spouse you were laid off, playing slots instead of grocery shopping or not coming clean about massive student loan debt are also behaviors that can cause big problems.
Not telling your partner when you get a big raise, that you are underwater on a mortgage or have a huge shopping addiction are also problematic behaviors that can often lead to divorce. Notice, the actual debt or addiction is not often the problem; instead, the failure to come clean is what can set off a divorce.
These types of behaviors can translate into issues during the divorce process, as well. In California, which is a community property state, spouses are required to disclose all assets for property division. If a spouse keeps hidden certain assets or even debts during property division discussions, this also can result in arguments, disagreements and other trouble. This is why it is important to have a vigorous legal advocate during divorce to ensure all assets are set forth and a fair outcome results.
Source: Houston Chronicle, “9 Money Lies That Could Wreck Your Marriage,” Mandi Woodruff, Dec. 31, 2013
