If you have a spouse who hides assets, spends money in secret and lies about it then he or she committed financial infidelity. This is especially problematic for couples with combined finances as one spouse can unknowingly be suffering from their partner’s financial mistakes for potentially months or years and may not figure it out until it is too late.
If you worry about this type of infidelity as you are approaching your divorce, there are some key traits to look out for in your partner. Keep a close eye on the following signs so you can take quick legal action and avoid losing what is rightfully yours:
They are overly controlling
Many spouses that have a history of being overly controlling or emotionally manipulative towards their partners are often hiding something from them. If your ex is like this, he or she may try to siphon money or control what you can and cannot do with the finances. This can occur during the marriage and the divorce proceedings, so it is important to set guidelines to ensure total transparency.
If your partner shows signs of addiction, whether this is to shopping, drugs or gambling, there is a high chance that he or she will commit financial infidelity. If they know you are aware of their addiction, they may put more effort into hiding the purchases and will not want to admit to spending money on it to you directly. It’s important to keep an eye on potential signs early, such as taking several trips to “the store or gym” before you find out just how bad their addiction is from your bank account.
They want revenge
Revenge is a common reason that a person might hide assets or lie about the type of money that he or she spends. When you have a high net-worth, your spouse may try to use the money to hurt you. For example, if you file for divorce, he or she may try to empty the bank accounts or transfer the assets to try to keep you from touching them.
If your ex continues to resist and make excessive efforts towards hiding their potential financial infidelity such as preventing you from seeing credit card bills, further legal action may be required.