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Divorce and the role financial secrets play

Money can be the source of happiness, but some Illinois couples might have experienced the opposite. It is often said that many a divorce has followed financial arguments between spouses. While those who are knowledgeable recommend honesty and disclosure about finances throughout a marriage, a recent nationwide survey revealed money secrets that are kept by many people.

The top of the list of money secrets revealed by the survey was secret bank accounts. More than a third of respondents who admitted to lying to their spouses about money indicated that they had secret bank accounts. Next on the list involved credit card debt. Although people of all ages said they concealed significant credit card debts, it was clear that these secrets are more often kept by females.

Student loans also made it onto the top five money secrets list, and the survey indicated that many people keep quiet about unpaid student loans. The next financial secret on the list is not revealing bad credit scores. A significant number of those who concealed debts of any kind also failed to tell partners about low credit scores. Number five is a lie that is almost unfathomable. Seven percent of the survey respondents admitted to making secret payments for spousal or child support -- or both.

While it may be difficult to understand how some of these remain secret, it certainly makes it easier to see why financial contention can lead to divorce. Illinois residents who are caught in marriages in which financial secrets have caused irreversible damage may be considering divorce. Rather than rushing into such an important decision, it may be wise to arrange a consultation with an experienced divorce attorney. The support and guidance of a lawyer may provide the perspective that will allow carefully considered and informed decisions.

Source: forbes.com, "Survey Finds The Most Common Financial Secrets Your Partner Is Keeping From You", Andrew DePietro, Aug. 31, 2017

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104 South Charles Street
Belleville, IL 62220

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