Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

Hiding assets could cause Georgia residents to divorce

| Jan 5, 2014 | Uncategorized |

There are multiple reasons a couple can decide to divorce. One of the top reasons according to many sources has to do with money issues. Georgia residents may be interested in a recent article that discusses several divorce issues and ways to navigate these issues.

One of the things listed was if an individual is heir to a large fortune but doesn’t tell their spouse. Hiding potential earnings from a spouse whether it is an inheritance or the amount of a person’s paycheck can be detrimental to a relationship. This brings in another factor of lying to one’s spouse which can also cause a big problem within a relationship.

Having a secret bank account may also be an issue. While a person may think they are protecting their assets by doing so, depending on the state, a soon to be ex-spouse may be entitled to half of the account. It may be in a person’s best interest to be open and honest with their spouse about all income and assets. If they are concerned about losing those assets in a divorce, a prenuptial agreement may be an option. Hiding money can not only cost a person their marriage, but can also cost them a large sum during the divorce.

Georgia residents that are facing a divorce may want to take quick action and determine their rights within the applicable state laws. In some states, the person that files first may ultimately benefit. That’s why it is important to understand one’s rights. With the proper knowledge, a person can hope to protect their assets and move on with their lives without losing all assets.

Source: Houston Chronicle, 9 Money Lies That Could Wreck Your Marriage, Mandi Woodruff, Dec. 31, 2013

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