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Some couples hide finances from one another

Couples in Texas may be among the 20 percent who, according to a recent study, think it is acceptable to spend as much as $500 without informing the other partner. Researchers interviewed a random 843 Americans by phone and learned that 6 percent hid a bank account from a partner. Some researchers and therapists say that arguments over finances are one of the main reasons for divorce, and when they occur early in a marriage, they are even more likely to result in divorce.

Another study found that in 10 percent of married couples, one considered the other a financial bully. Spouses and partners often feel justified in holding secret bank and credit card accounts because they feel the other individual is too controlling of their finances. Experts say that couples should discuss these issues early on so that the situation does not become this severe.

One study found that nearly two-thirds of men hid purchases or destroyed receipts in an effort to hide their spending from their spouse. As is the case with most of the other cases of what the Wall Street Journal dubbed "stealth spending," this was usually done to avoid conflict.

People whose divorce is prompted in whole or in part by financial issues may also have a complicated financial situation to sort out. There may be issues with hidden assets, prenuptial agreements or debts. Those who are seeking a divorce in these circumstances may want to begin by making as comprehensive a list as possible of income, debts and assets. They may want to review the financial situation with an attorney before or shortly after discussing divorce with the oterh spouse. An attorney can suggest the best steps to take if the client believes that the other spouse has been concealing assets.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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