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Financial Deception is Damaging to Marriages

Many things can cause a divorce; infidelity, insanity, incarceration, impotence and incompatibility. Another major cause of divorce is arguments about money, according to a study published in the Family Relations journal. That is partially because fights about money tend to last longer and be more heated compared to other arguments about in-laws, children or sex. It seems like some couples have decided it is better to say nothing at all or even lie rather than fight about finances.

A poll authorized by the National Endowment for Financial Education and Forbes Woman has been conducted twice over the last three years by Harris Interactive. In 2011, after surveying over 2,000 people, 31 percent of the respondents admitted to lying about joint finances. 32 percent admitted to being deceived. In 2014, those numbers increased to 33 percent confessing to deception and 35 percent acknowledged being deceived.

The most common types of deceptions from the 2014 survey were hiding a minor purchase, hiding cash and lying about something financial. The least common deceptions were hiding a bank account, lying about their income, and hiding a major purchase. While the more common deceptions are less extreme, they can still have severe consequences on the health and length of the relationship.

Some deceptions may be due to a lack of communication. Others may be caused by a lack of trust or fear of rejection. Sometimes the reason can be a desire to protect the other spouse from worrying about money. Regardless of the intent, the study by the National Endowment for Financial Education showed that 75 percent of people who experienced financial deception had repercussions in their relationships. Divorce was the final result in ten percent of these relationships.

If your spouse has lied to you about your finances, you may be hurt and angry. Unfortunately, during any divorce, marital assets are split in the same manner that debts are during the division of property. A spouse could successfully blow most of the marital assets and still be entitled to a portion of the remaining funds and property. Contact an experienced divorce attorney in Naperville who can make sure that assets that may have been hidden during your marriage are uncovered during your divorce.

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