Fox Business News calls it financial infidelity and estimates that about six million Americans are hiding money from their significant other. It might be a secret financial account, a hidden credit card or a savings account that the other person is not aware of. People who are living together without the bonds of matrimony are more likely to hide money from the other person, but people who are married might consider it a red flag in the relationship. However, you do not want to jump to conclusions. A secret account could mean many different things:
- Your partner wants autonomy with some spending.
- Your partner could want to avoid conflict over money differences.
- Hiding money is often about a lack of trust. It is a way of protection.
- It could be that your partner is cheating.
- Your partner could be worried about the long-term future with you.
- Your partner wants to surprise you with a special gift.
If you believe your spouse is hiding money from you, you should consider your overall relationship. It could be signs of underlying problems in your partnership that should be addressed. Money is one of the hardest topics to discuss. It beats out death, politics and religion. Finances are one of the most common reasons cited in divorce. When couples cannot agree on money, it creates tension.
Signs your partner is hiding money
· Mail from different financial institutions or unfamiliar banks
- Hiding credit card statements
- Changing passwords on accounts
- Large withdrawals of cash from joint accounts
- One person handles all the finances
- Large purchases or gifts to family and friends
One new account may not be indicative of a pending divorce, but when the relationship is shaky and you find multiple instances of concern, it might be time to discuss your situation with a good divorce attorney to get information about the laws in West Virginia. The state relies on "equitable distribution" in a divorce. This means what is fair, not necessarily equal. It is hoped that couples can come to an agreement on property division, but when they cannot, the court will step in and divide the property.
Protect your rights
The divorce laws are complex, and there are many conditions which could change the outcome of a settlement. You need an experienced advocate on your side who will provide the right information for you. If your spouse is hiding money, you may need a financial expert to help you demonstrate that to the court. You need to make the best decisions during the proceedings to set yourself up for success following your divorce.