Divorce Financial Issues | Pennsylvania Family Law Blog - The Law Offices of Sheryl R. Rentz - Part 4
How Technology Has Made It More Difficult to Hide Money from your Spouse
An unfortunate part of marriage is the deceit that occurs when a twosome hides money from one another, either to splurge on extramarital mischief or simply to keep from sharing it in the event of a divorce. According to a report in The Wall Street Journal, electronic discovery has made the hiding of monetary assets much harder for a deceiving spouse or partner to do. Financial mischief is a very common problem in relationships, and a survey conducted by the National Endowment for Financial Education shows 31 percent of U.S. adults who combined assets with a partner or spouse say they have been dishonest about money. More than half of the adults surveyed say they hide cash from their significant other.
With financial deceit being such a common part of unions, electronic discovery, or the use of technology to uncover hidden assets, can help a person unearth any wrongdoing. A part of the reason electronic discovery is increasingly popular is because more people are using technology to hide assets to begin with. Spouses or partners who may be suspicious of their loved one’s activities can investigate their social networking accounts or their web viewing history to find signs of a hidden business deal or bank account. In addition, forensic experts and divorce attorneys are now using advanced search tools to swiftly analyze things such as credit card bills or online bank statements. Read the rest »
Divorce in the Military: How to Divide a Pension
During a divorce, there are a number of financial issues that may further complicate an already difficult process. One such financial problem is dividing a retirement plan, which becomes a more complex matter when one spouse is in the military. For someone who has served in the military, a pension is typically their largest asset, so the issue of dividing the retirement plan during a divorce affects million of military couples. Read the rest »
Post-Divorce Financial Issues to Be Aware of This Tax Season
A number of complicated issues can arise both during and after a divorce, and if the matters aren’t appropriately addressed and resolved, the problems can continue for years after the divorce is final. With tax season in full swing and the April 15 deadline fast approaching, it is important for couples who may have made the decision to part to understand the financial issues that should be addressed during the divorce process to help avoid problems in the future. Marketwatch.com offers these thoughts: Read the rest »
Divorce’s Influence on Social Security
An article recently featured in the Los Angeles Times discussed divorce’s affect on a person’s plans for retirement as well as future claims for Social Security benefits. Since Social Security is the primary source of income for approximately 72 percent of unmarried retirees, many of whom are single due to divorce, understanding a few key points regarding spousal and survival benefits should be a priority, particularly for those approaching retirement age. Knowing the details of these benefits can help someone avoid making a costly error that could negatively affect their financial future. Read the rest »
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