Maintaining Financial Privacy during a Split or Divorce – Divorce Mediation Swanage

By Solent Family Mediation |
June 10, 2022
divorce mediation swanage

Table of Contents

Did you know that in a survey that was carried out by the Money and Pensions Service approximately forty percent of those asked admitted to hiding financial information from their partner in some way? . In today’s post, we’ll discuss how to protect your financial privacy throughout a divorce or separation.

Divorce Mediation Swanage .

Solen Divorce Mediation Swanage has extensive experience mediating divorces as well as financial agreements. Call Solent Divorce Mediation Swanage at 0238 161 1051 or fill out our online enquiry form to receive more information on the many possibilities for divorce and financial settlements. We offer remote meetings by video or telephone by appointment only.

Families and Finances

The Money and Pensions Service conducted a poll in which 5,200 people from around the country were asked questions regarding their personal financial habits and finances. The most important discoveries are:

  • Those who are between the ages of 25 and 34 are the most private age group, with three in five not disclosing data about their finances to their loved ones.
  • Although over one quarter of respondents to the poll believed that their spouse, wife, or partner was concealing financial information, the fact is that nearly half of respondents admitted that they had themselves concealed information.
  • It is very typical for people to conceal their credit cards and their credit card debt; in fact, over forty percent of those who participated in the poll admitted to having done so.
  • Just over twenty percent of individuals polled admitted to keeping undisclosed debts a secret from their family, making this the second most common item respondents conceal from their loved ones.
  • Approximately twenty percent of people who participated in the poll admitted to having a hidden savings account.

According to the Money and Pensions Service, there are a lot of different reasons why someone would want to conceal money or not divulge their financial condition while they are in a relationship. Some of these reasons include the following:

  • with the goal of creating a financial cushion for themselves through money that their partner won’t touch. This manner, there is a savings fund available in the event that someone loses their job or there is a huge unexpected expenditure, such as having to replace the boiler.
  • Having the feeling that you need to save money so that there is a way out of an abusive relationship, when the spouse who is hiding the money is worried that if they try to leave their controlling partner without the concealed money, it will be hard for them to do so.
  • Covering up loans and credit card debt since you are aware that your partner would be concerned about the financial situation.
  • A sense of shame at having racked up debt; in some cases, the debt was racked up before the new relationship, and it now seems “too late” to address it.

The Money and Pensions Service encourages people to talk about their finances because doing so can make money worries more manageable. This is especially helpful when you are concerned about other matters, such as the impact of your health and debt or the prospects of your getting a bonus from your employer. The Money and Pensions Service encourages people to talk about their finances because doing so can make money worries more manageable.

Divorce mediation can help you resolve your disputes around finances and dividing assets

Dealings with money, as well as divorce and separation – Solent Divorce Mediation

At Solent Mediation Swanage, we need to discuss your financial situation to provide the best advice on settlement options. If your partner doesn’t know about hidden credit card debts or loans, it’s important to be honest. These debts can affect your ability to pay the mortgage or get a new one.

In court cases about financial settlements, judges usually don’t investigate how debts were spent. Instead, they ask this question:

  • Is the debt a family debt? When the debt was being hidden from a husband or wife, was the money from the loan or credit card being used for the family’s benefit? For instance, a credit card was used to purchase clothing for the family, as well as to pay for family holidays and a car for the family.
  • What impact will the debt have: The court will want to determine whether or not the debt will prevent either spouse from being able to buy another property, continue living in the family home or affect quality of life moving forward.

When it comes to financial disclosure on separation or divorce, you will need to provide a full and honest financial disclosure of all of your assets. This requirement is in addition to the obligation to disclose debts upon divorce. This includes money that you keep or funds that you give to a member of your family with the instruction that they “hold” it for you, as well as hidden bank accounts that your husband or wife does not know anything about.

If you don’t provide complete and honest financial information, it might be harder to reach a settlement agreement. Your partner may not trust you, and a court might make decisions against you. For example, if your business is doing well but your financial statements show you don’t earn enough to cover your expenses, the court might think you’re hiding something.

Even if you want to keep things secret during a relationship, you must be honest about your finances when separating or divorcing. This is a legal requirement.

Solent Divorce Mediation can help you manage your finances and find a fair solution.

Contact Solent Divorce mediation Swanage today on 0238 161 1051