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Is your spouse lying about money?

In our previous post, we focused on divorce and property division in Tennessee. Quite often, concerns related to assets are top-of-mind for those contemplating or going through a divorce. Common questions include, how will our joint assets be divided? What about the family home? How much of a role does my income play in child support decisions? 

Aside from these questions though, know that it is not uncommon to have concerns and questions related to hidden assets or debts. In fact, according to the National Endowment for Financial Education and Harris Interactive, of the 2,000 adults questioned, one-third reported lying to their partner about money. 

Lying to a spouse about money, also commonly referred to as financial infidelity, can cause issues not only in a marriage, but also in divorce. Tennessee is an equitable division state. This means that when two people divorce, the marital assets are split in a way deemed to be fair. However, in order to figure out what is fair, all assets and debts must be put on the table, including the ones that were hidden. 

In talking about hidden assets, while having secret bank accounts is one way a spouse may be hiding money, keep in mind this is not the only way to commit financial infidelity. Other tactics may include lying about actual income, hiding about how someone earns money, hiding purchases, being dishonest about lending money to others and having undisclosed debt. 

If there are hidden assets, these must come out in the divorce. Know that there is help though. A divorce attorney can work to trace the income or assets that a spouse is hiding.