If one were to ask, say, 10 married couples if they have ever hidden any type of financial information from each other, how many do you think would say that they have? Chances are, there would be a good number of them that answer, “yes.” According to a new survey from CreditCards.com, around 40 percent of respondents of all ages who are currently in serious relationships admitted that they were actively hiding a credit card, checking or savings account from their partner. Financial infidelity is common in marriages, but it can come back to haunt the guilty party during their divorce. A partner who commits financial infidelity during a marriage is also likely to affect the financial aspects of the divorce.

What is Financial Infidelity?

There are various definitions of “financial infidelity,” but most commonly it refers to any type of lying or deception about money matters between romantic partners who have combined finances. Many actions and behaviors can qualify as financial infidelity, and all of them can have a significant impact on their partner’s financial situation. Examples of actions that can be considered financial infidelity include:

• Hiding debts that you currently owe

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Infertility is a serious and common issue in marriage, which is why many couples turn to in vitro fertilization to conceive. What happens, though, if the couple then divorces? Who gets custody of the embryos? Does anyone? Furthermore, who gets to make the decision? The following information explores the subject of frozen embryos in a divorce, including how they are dealt with and how you can attempt to protect them with help from an experienced legal professional.

The Difficult Truth

Embryos, though typically comprised of both parents’ DNA, are not considered humans by most courts. Illinois law continues to treat them as marital assets. The unfortunate part about this approach is that these assets – unlike homes and cars – have no monetary value. Further, they can become a financial liability for the other parent, should the “custodial” party decide to use the embryos to conceive a child. As such, courts often decide that embryos must be destroyed. Alternatively, they may rule that the embryos can continue to be stored, but no one is permitted access unless they have obtained permission from the other party.

During marriage, couples often think of their assets as joint property. However, the same cannot be said for couples going through a divorce. Many argue over what belongs to whom, not fully understanding what constitutes marital property. Misunderstandings over marital contributions and Illinois’ divorce laws can further compound the confusing division of assets in a divorce. The following information can help you combat some of the misconceptions about property division in a divorce. You will also learn where to find assistance with your divorce, and why it could be crucial to the outcome of your case.

Marital Assets versus Non-Marital Assets

Separating marital assets from non-marital assets can be fairly straightforward in some cases, but highly complex in others. In most situations, property purchased or acquired during the marriage is considered marital property, and anything acquired before the marriage is considered non-marital. However, there are extenuating circumstances that can complicate this formula.

Ending a marriage can be painful and emotionally difficult. In fact, many parties experience depression, anxiety, grief, anger, and stress while going through the divorce process. Unfortunately, these same emotions can cause friction between the parties, which can drag out the process and increase costs. Thankfully, some steps can be taken to minimize the risk of this happening. One of the most crucial steps is learning how to detach the legal aspects of divorce from the emotional aspects. 

Approach Divorce Like a Business Transaction

At its core, the legal aspect of divorce is like a business transaction; two parties come to the table with their requests and then negotiate a deal that can hopefully satisfy all involved. When examining it from this standpoint, an argument over the wedding china can seem arbitrary. However, some spouses do argue over things – such as possessions – that do not matter. That is often because they are struggling with their feelings of betrayal, sadness, or loss. So, rather than let emotion dictate your decisions in divorce, consider why you want something in the settlement.

Divorce can be contentious and painful for anyone, but couples who have a high net worth can be especially at risk for compounding issues. Some divorces may even place the parties at risk for financial devastation. Learn how to reduce your risks by understanding how to avoid some of the most common mistakes made in high asset divorce.

Settling for the Sake of Settling

High net worth divorce negotiations can be draining, arduous and contentious – so much so that even the most patient of individuals may be tempted to accept an early settlement offer. Unfortunately, doing so may mean leaving behind money or assets that you may have otherwise been entitled to in your divorce. Avoid making this mistake by consulting with your attorney before accepting an offer.