Couples get divorced every day for a variety of reasons. It should come as no surprise that money is a leading cause of marital discourse. While money may be a contributing factor in many divorces, some spouses may not be aware of any financial issues until after the divorce is filed.
Divorce typically prompts the invasive scrutiny of each spouse’s financials, and for high net worth couples, this investigation is no less involved. Occasionally, this in-depth look at a couple’s income and net worth uncovers a menagerie of issues. As with most aspects of marriage, a couple’s legal responsibility for fraudulent financial practices is shared in divorce. Even if one spouse claims to have no knowledge of the fraud, something as simple as a joint tax return may mean they are on the hook for legal responsibility.
For individuals facing divorce, especially those in high net worth marriages with substantial assets or business interests, it is important to stay aware of all financial aspects that may impact them. Keeping adequate records and working with a legal professional may help spouses avoid adverse legal action in the event financial fraud is discovered during divorce.
Nearly every divorce can pose a significant financial threat to a spouse. However, high asset divorces have an abundantly higher probability of uncovering financial related issues that may negatively affect an unsuspecting spouse. Those concerned that their high net worth or their soon-to-be ex’s financial practices, may create significant issues during a divorce, may benefit most from closely working with an experienced divorce attorney. With their help, the financial issues related to divorce may be addressed before they become major financial problems.