Some people say they feel like two peas in a pod with their spouses, and others say their relationships are definitely more of the “opposites attract” type. Either way, married life is a journey, and couples are bound to encounter challenges along the way. Among the more serious types of problems, financial infidelity is an issue that often prompts a spouse to end a marriage.
In fact, if a marriage is going through a tough time because of dishonesty about finances, a spouse might ultimately decide he or she would rather separate than continue to constantly fight about money. Many Virginia spouses have jointly owned bank accounts, but some prefer to keep their money separate. Virginia is an equitable property state, so the judge overseeing a divorce determines how to divide marital assets between the spouses in question.
This means that even if bank accounts are separate in marriage, it doesn’t necessarily mean the money in a particular account belongs to only one spouse. Spouses run into trouble when one has a bank account the other knew nothing about. If a spouse starts taking money out of a jointly owned account without telling the partner, it can spark serious problems in the relationship. This type of financial infidelity often leads to divorce and can be a sign of a hidden asset problem in divorce.
It’s illegal to hide assets in divorce, and a spouse who falls victim to financial infidelity has a right to bring such matters to the court’s immediate attention. When for property division proceedings, a request for full disclosure from a spouse can be made, meaning he or she must provide a list of all current assets and liabilities. The court doesn’t look favorably on anyone who lies about such things. If a spouse seeks to end a marriage, an experienced Virginia family law attorney can help a concerned client address all financially related issues and other matters in the hope of securing the best outcome possible.