Ignorance in Divorce Makes Financial Victims
Key Points
  • Claiming ignorance in the face of a divorce will only hurt you and your financial future.
  • Do not play the innocent spouse when it comes to divorce. You need to secure your finances and your future.
  • Keep an eye on your bank statements, if your spouse is looking to file for divorce, he or she may be dissipating assets to make it look like you have less in the way of assets.

In the midst of a divorce, errors of commission and errors of omission are easy to make. A divorce settlement is a business negotiation where both kinds of error can have long-term consequences. Many of mistakes happen not because of what a person did wrong, but what he or she did not do at all.

In a contested divorce, where the spouses disagree about the terms and conditions of the property settlement, a party can become a financial victim very easily if he or she is in the dark about marital finances.

Ignorance is the biggest liability a divorcing spouse can have. The spouse who always handled the money and made all of the financial decisions in the household often has an unfair advantage when they settle the financial issues of their divorce. Ignorance is a divorce financial mistake of omission, not commission, as are many divorce financial mistakes, described below.

Ignorance can be willful, such as ignoring indications that a spouse is contemplating a divorce. In secret, one spouse is preparing for a divorce, selling assets or re-title marital assets unilaterally. A spouse should keep an eye on joint checking and brokerage accounts and the cash value of life insurance policies. Tracing some assets requires legal and forensic accounting experts.

Going into a divorce, both sides should have all available information about both spouses’ income and assets -- what they own and what they owe both as a couple and what each owns and owes as individuals. Copies of important financial records, such as account statements (savings, brokerage, and retirement) and all other information about the marriage and spouses’ lifestyle (checking accounts, charge card statements, tax returns) should be in hand.

Useful Online Tools

Suggested Reading
Divorce & Money: How to Make the Best Financial Decisions
This book is a practical guide to evaluating assets during divorce. It explains how to determine the real value of marital property including houses, businesses, retirement plans and investments and how to negotiate a settlement that is fair to both sides.

Authors: Violet Woodhouse & Dale Fetherling

Related Article Archives
Financial Planning & Divorce
Property & Debt Division
Property Valuations
Premarital Agreements
Tax Aspects
    All Article Archives

Related Categories
Alimony & Spousal Support
Divorce, Dollars & Debt
Estate Planning & Divorce
Insurance & Divorce
Taxes & Divorce
    All Categories
Related Forums
Financial Aspects
Property & Debt
Spousal Support
Tax Aspects
    All Forums

Resources & Tools

Bookstore Promotion Discount

Start Your Divorce Online Start Your Divorce
Several Options to Get Started Today.
Divorce Tools Online Divorce Tools
Keeping it Simple to Get the Job Done.
Divorce Downloads Download Center
Instantly Download Books, Guides & Forms.
Divorce and Custody Books Discount Books
Over 100 of the Best Divorce & Custody Books.
Negotiate Online Negotiate Online
Settle your Divorce and Save.
Custody and Support Tracking Custody Scheduling
Make Sure You Document Everything.

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code:


Women's Book ABC’s of Divorce for Women

ABC’s of Divorce for Women

ABC's of Divorce for Women


Men's Book The Survival Manual for Men in Divorce

The Survival Manual for Men in Divorce

The Survival Manual for Men in Divorce


Featured Download Tracing Separate Property Through A Commingled Bank Account

Tracing Separate Property Through A Commingled Bank Account

Tracing Separate Property Through A Commingled Bank Account

Start Reaching Potential Clients Through Divorce Source. Learn More

Guarantee Official PayPal Seal Facebook Twitter Versign Secure Site