Family Matters.
When It Really Matters.

Financial infidelity and gray divorce

On Behalf of | May 16, 2023 | Divorce

If you divorce your spouse, you may lose some of your assets. This may delay your retirement. Financial infidelity can further complicate matters, as the loss of marital property might make retirement impossible.

Assets may be depleted

Your spouse may use funds in a joint bank or brokerage account to pay off gambling debts or to operate a business. It’s also possible that your spouse will use joint funds to pay expenses for a secret lover or to provide child support for a child you didn’t know existed. Finally, joint money might be used to start a business that fails or puts your home, car or other property at risk of being seized.

Signs of financial infidelity

Reviewing bank statements and other financial records may uncover evidence of unusual transactions. However, if you don’t have access to joint bank records or other financial statements, there may be other signs of financial infidelity. For example, if a credit or debit card is declined, it may be because your spouse used it for nefarious purposes. Your spouse may also suddenly seem stressed or anxious about paying bills despite having a steady income.

Overcoming a breach of trust

In addition to filing for divorce, it may be worthwhile to seek counseling to recover from what was done to you. You may also want to contact creditors to see if you can get your name off any loans acquired in your name without your knowledge or permission.

You may be entitled to a share of marital assets and alimony in a divorce settlement. A forensic accountant may help look for signs of hidden or depleted assets, which may help you negotiate a favorable settlement. Alimony payments may make it easier to support yourself after the divorce is final.