- Know What Assets You're Entitled To
Your marital assets are divided into two categories: separate property and marital property. Separate property includes anything owned by either spouse before they got married or inherited during the marriage while marital property refers to items acquired by either spouse during their marriage (such as cars, real estate, investments). When it comes time for the court to divide up these assets in a divorce settlement, each party will typically receive a share of both categories unless one spouse can prove that certain items were gifts or inheritance belonging only intended for them. Knowing which category each asset falls under will help you assert your rights and protect yourself financially if there’s any evidence that suggests your ex-spouse was hiding money from you throughout the course of your marriage.
- Request An Accurate Financial Disclosure And Give your Own
If you suspect that your ex-spouse may be hiding money during the course of negotiations for a divorce settlement, then it’s important that you request an accurate disclosure of all assets and liabilities. You should offer your own - sometimes truth begets the truth being told back. This will ensure that both parties have full knowledge and understanding of their respective financial situations before finalizing anything legally binding with regards to division of marital property and debts upon dissolution of marriage.
- Check Your Own Credit (But Not Theirs Without Their Permission)
While it may not be top of mind, checking your credit during this time is essential. Your credit can have a significant impact on your financial future - from qualifying for a loan to renting an apartment. By taking the time to review your credit report, you'll be able to make sure that everything is accurate and up-to-date. Plus, it'll give you a better understanding of your financial situation as you navigate this new chapter in your life. You might also find that there are debts in your name that you knew nothing about. You cannot check your soon-to-be-ex-es credit without their permission. There are plenty of websites that run a credit check for you for free, including creditkarma and nerdwallet.
- Debts Are Part of the Division Too
When a couple decides to split up, they need to divide all their assets between them. This includes not only physical items, but also their debts. It might not be the most enjoyable topic to discuss, but it's important to remember that debts are part of the marital assets that have to be divided. Whether it's credit card debt, a mortgage, or a car loan, both partners are responsible for paying off the debt. It's crucial that both partners disclose all their debts to each other and come up with a plan to pay them off, which might involve selling off some of their assets. Not listing a debt can come back to haunt you if a creditor comes after both people looking for repayment. While there are mechanisms to deal with undisclosed debts, your divorce does not affect your contract with the creditors. Its better to have a knowledge of what is there and a plan on how to deal with it in your dvorce to protect your future you.
While no one wants their relationship with their significant other come down this path – financial infidelity can lead down a slippery slope towards stress and strife which could eventually result in divorce proceedings wherein one partner may attempt hide away money or try manipulate funds unfairly in order gain leverage over another party involved in such proceedings In order prevent this from happening, requesting full disclosure along with complete transparency when discussing possible divisions marital belongings liabilities will go long way helping both parties come together harmoniously agree upon equitable arrangement beneficial everyone involved. Even if you agree that you both should keep your own money, truth is an important part of the process.
Even if financial infidelity has happened, if you can be honest with each other and work through the division, I would love to help make your division into your divorce paperwork. Reach out through my website or call my office. Let me help you move to your indipendent financial future.