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The dangers of letting your spouse take care of the money

On Behalf of | Sep 20, 2013 | High-Asset Divorce

The longer a couple has been together, the more likely they are to deal with a large amount of property in the event of divorce. As the couple ages together, the woman is also more likely to be involved in financial planning. A number of former spouses in Columbus, Ohio, are prime examples for the possible consequences one might face during and after a split if finances are like a foreign language. Without the experience of paying the bills and looking at bank statements, a divorced individual is not only left ill-equipped in life skills, but she or he may also have been cut short on the divorce settlement.

Think about it: If a wife or husband is the major income earner and manages the money that the couple brings in each month, she or he has an obvious advantage when it comes to a High Asset divorce. She or he has the ability to hide money and assets, siphoning them off before the accounts are frozen and hiding it in accounts that the soon-to-be former spouse may not know exist. At this point, it is easy to see that the person who is not involved in the financial aspects of the marriage can be swindled by the other when the relationship turns sour. Such an advantage is unfair, and it should be eliminated in case of divorce.

If the couple decides to divorce and the financial power is unbalanced, not only is one spouse susceptible to the aforementioned behaviors, she or he may also struggle to make ends meet when the divorce is finalized due to a lack of practice and financial understanding. Getting a grasp on how much it costs to live your life the way you did before a split is important to realizing what life might cost when the marriage is officially over. This can give a recently divorced individual the ability to prepare for the dissolution, especially when taking on a new job – or any job at all – will be necessary.

Source: Financial Advisor, “Women Need Advisors’ Guidance Before Divorce Strikes, Expert Says” Karen Demasters, Sep. 16, 2013

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