Pennsylvania spouses often share one primary goal when they divorce: Walking away with their fair share of the marital assets.
That doesn’t always happen, however. Far too often, one spouse hides assets from the other hoping that they won’t have to turn them over in the divorce.
How common is it for divorcing spouses to hide assets?
Data published by the National Endowment for Financial Education (NEFE) shows that an estimated 31% of all couples who pool their finances engage in deception surrounding their assets.
The researchers also discovered that 47% of husbands accuse their wives of hiding assets, whereas 65% of wives accuse their husbands.
What types of assets are spouses most likely to hide?
At least 58% of NEFE’s survey respondents disclosed that they’d previously set aside significant sums of cash without their spouse’s knowledge. A little more than one-third of the spouses polled fessed up to lying to their spouse about finances. An estimated 30% of those same respondents also admitted to previously hiding a financial statement or bill from their spouse.
What happens with your finances when you file for divorce?
When you initiate a divorce in Pennsyvlania, the court will expect you to fill out a financial disclosure. On this document, you must list your expenses, debts, assets and various income sources — and so must your spouse.
If you suspect that your spouse is lying and hiding assets, it’s very important to alert your attorney immediately. When your marriage is heading south, it’s wise not to trust a spouse’s honesty, especially if they’ve shown signs of being deceptive in the past.