When North Dakota couples divorce, they should be completely honest and forthright about their assets and debts. This is essential so that things like property division, spousal support and child support are fairly determined.
A new report by CreditCards.com indicates that divorcing couples should not necessarily take their spouse’s word for just what assets he or she has. According to the report, 6 percent of Americans have a bank and/or credit card that their spouse doesn’t know about. That adds up to more than 7 million people. The majority of the respondents who admitted to this (4.4 million) were men. Only 2.8 million were women.
The study also looked at spending habits of married people and just how much their spouses were aware of how much they spend and on what. Slightly less than one-third of respondents said that their spouse should inform them of purchases of at least $100. However, over 25 percent of male respondents and 14 percent of female ones said that they have spent at least $500 without telling their spouse.
The need to know about large purchases, interestingly, also varied between the genders. Nearly one-third of men said that they didn’t care if their spouse spent $500 or more on something. However, only 18 percent of women said that they were fine with being kept in the dark about such a large purchase.
Financial issues and differences in spouses’ views about spending versus savings can lead to issues within a marriage. However, regardless of whether that is what led to your decision to divorce or not, it is essential to know exactly what assets and debts your spouse has accumulated.
Your North Dakota family law attorney can advise you on any financial due diligence that needs to be done on your spouse. You need to look out for the financial well-being of your children and yourself.
Source: Business Insider, “Over 7 Million Americans Are Hiding Bank Or Credit Accounts From Their Spouse” Sarah Schmalbruch, Jan. 22, 2015