Leahy Cox, LLP
Experienced Representation
You Can Trust Serving Oregon Since 1949
Local 541-357-9903 Toll Free 866-951-0032
Important COVID19 Message From Leahy Cox. Read More

Financial cheating may make asset division difficult for some

While the reasons behind a divorce can be as unique as each individual person, some divorces may stem from common issues. Cheating, abuse and simply drifting apart can all be common themes among Oregon divorces. However, another reason for divorce is on the rise. It involves cheating, though probably not how most would imagine, and it may be affecting the asset division after a divorce.

A recent survey revealed that financial cheating seems to be on the rise. Financial cheating can include a range of deceptions involving money, which includes purposely failing to disclose purchases or even hiding credit card statements. In previous years, only 27 percent of women owned up to hiding a purchase from their significant other. The survey showed that that number jumped up to 40 percent in only a year's time.

A study from three prominent universities concluded that financial cheating is actually more common than sexual affairs. A significant number of couples was negatively affected by some sort of financial decision or purpose that was withheld from one partner, with 10 percent actually divorcing over the problem. For some affected by the financial deception of a spouse, the first question may be about assets.

Since Oregon is an equitable distribution state, assets are generally divided between two divorcing parties. When significant damage to the couple's assets has occurred due to one spouse's financial cheating, the other may assume that the remaining assets might be divided more in their favor after a divorce. Despite any wrongdoing by either party, assets must still be distributed equitably. It is important for both parties to have a clear understanding of the financial damage done and of all remaining assets before moving forward with a plan for asset division that would most benefit everyone involved.

Source: hereisthecity.com, More spouses are financially cheating, No author, Feb. 10, 2014

No Comments

Leave a comment
Comment Information