Financial Infidelity in a Divorce Law

Divorce AttorneyInfidelity in a marriage can mean more than a cheating spouse. Your partner may also be lying about his/her financial accounts or debt. In some cases, the betrayal can be serious enough to lead to a divorce. This is known as financial liability and can hold your ex liable if proven in an Illinois court.

Many people commit financial infidelity for the same reason they cheat on their spouses. It’s rarely planned and is often the result of an unsatisfactory relationship. If it involves debt, both spouses are in danger of going in the red. Since the act is hidden, the other spouse is completely unaware of any misgivings until it is too late. Once the deception starts, it rarely stops.

The few academic studies have estimated that as many as 41 percent of American adults admit to hiding accounts, debts or spending habits from their spouse or partner.

Attempting financial infidelity is easier than ever. A spouse can create a separate online account without their partner knowing and hide the records. These can be maintained for several reasons, including:

  • To pay for a romantic affair.
  • To pay for a gambling addiction or drugs.
  • To pay for illegal services.
  • To create a nest egg because the spouse wants to leave or file for divorce.

Regardless of the reasons behind it, financial infidelity affects both partners in the marriage, especially when debt is involved. In case there is no debt, the hidden funds could have been used to pay for child support, a child’s education, or retirement savings. The unknowing spouse and children are the real victims.

Some potential signs of financial infidelity includes cash has gone missing, your partner is responsible for grabbing the mail and your partner suddenly begins to worry about financial hardship.

If the case ends in divorce and in court, the marital properties and debt have to be divided equally. However, due to their partner’s financial infidelity, the other spouse may be granted more. This will be considered compensation, which can help the spouse recover damages from.

Whether it is infidelity or financial infidelity, spouses who are accused of either rarely recover from the blow. If your marriage is in jeopardy due to financial infidelity and if you are the victim, get in touch with the attorneys at the Law Office of Fedor Kozlov. We have a compassionate team of professionals who have years of experience in family and divorce law. Get the happiness and security you deserve by scheduling a consultation in Schaumburg, IL, today. We will work with you to safeguard your rights.

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