Survey Says Hiding Financial Information Can Spark a Divorce

There are many reasons why a California couple might decide the time is right to move forward with a divorce. While personal issues and disputes are common as some people simply determine that they can no longer get along, financial concerns are also high on the list of reasons for a divorce. Some perceive that to mean there is overspending, a lack of income, non-support and other issues. However, the simple act of hiding financial information is a spark for many divorces. Those who are facing this issue should have legal help as they decide whether to take the next step or not.

A survey in which more than 500 people throughout the nation took part showed that 27 percent of participants said they would think about divorce if their spouse lied about finances. Although the survey also showed that a large portion of the participants are forgiving in such circumstances, that more than one-quarter of those who answered questions stated they would think about moving on is significant.

Other results from the survey showed that: 78 percent stated they did not lie to a current or past partner regarding money; males and females are comparable in how much debt would be acceptable for the partner to hide prior to thinking about a divorce; those 25 to 34 would accept the highest amount of hidden debt at slightly more than $18,000; 22 percent said they lied about financial matters in their relationship – notably about how much they are spending and how much they owed; and females have a greater chance of lying at 13 percent vs. 6 percent for males.

People who have separate bank accounts and refuse to share information about it are prone to lying about their finances. Also, financial statements suddenly disappearing from the mail is a warning signal. While there is no single, universal reason why people divorce, there are common factors with a vast percentage of marital breakdowns. Finances are one. For people who are concerned about finances and are considering a divorce because of it, it is crucial to have legal advice on how to proceed.