Financial Problems in a Divorce – Financial Abuse

One of the more challenging steps in the divorce process is separating your finances from your spouse’s. Nearly every divorcing couple in Bucks County experiences some tension around the division of assets. However, some individuals exhibit abusive behaviors that make this process more arduous. 

Knowing what constitutes financial abuse can help you recognize and address these financial problems in a divorce. You have the right to equitable distribution of property. If your spouse has begun stealing money from your accounts or otherwise tampering with your finances, contact an experienced divorce attorney for help. 

Examples of Financial Abuse in a Divorce

Financial abuse can take many forms in a divorce process. Watch out for any of these shady tactics from your spouse: 

• Hidden assets: Your spouse may have started transferring money to a private account to exclude it from the property division process, essentially stealing it from your shared account.
• Running up legal bills: They may use your shared bank account to run up legal bills or even call your attorney incessantly to increase your legal costs.
• Using a higher income as leverage: If your spouse makes more money than you, they may try to hold that over you to gain leverage in the divorce.
• Racking up debt: The debt allocation process usually requires divorcing couples to split debt equitably. Your spouse may rack up more debt before the divorce to increase your financial burden. 
• Wrecking your credit: Any irresponsible behaviors on your spouse’s part could harm your credit, making it more challenging for you to secure loans or other financial opportunities in the future.

How To Navigate Financial Problems in a Divorce

You don’t have to stand by and watch your spouse use abusive tactics to control your finances. You can navigate financial problems in a divorce with these tips:

• Retain your own attorney: Never share a divorce attorney with your spouse. Retain an attorney who can support your interests and help you achieve a fair outcome. 
• Limit bank account access: If your spouse currently has access to your private accounts, contact your bank immediately to start the process of removing their access. 
• Keep records of your spouse’s behavior: If your spouse has been withdrawing money from your accounts, take screenshots of their activity and keep them on file. The more evidence you have of their actions, the more leverage you’ll gain in your divorce proceedings. 
• Document your finances: Gather documentation for all of your bank accounts, deeds, life insurance policies, and car titles to show in court.  
• Enlist the help of a forensic accountant: Forensic accounting can uncover your spouse’s abusive financial activity. 

Let Karen Ann Ulmer, P.C., Help You Protect Your Finances in a Divorce

Is your spouse using shady tactics to gain economic control in your divorce? At Karen Ann Ulmer, P.C., we help clients protect their rights in the PA divorce process. We make it easier to navigate the division of assets, spousal maintenance, and other financial problems in a divorce while promoting an equitable outcome and prioritizing your interests. 

Contact us today at (866) 349-4117 for a general consultation.