Tax Returns Can Point to Financial Secrets

Financial issues can be some of the biggest problems that lead people in North Carolina to decide to divorce. In some cases, people may simply disagree about how to save and spend, but even other types of marital issues may have serious financial issues at the root. For example, infidelity may be primarily about trust and sexual exclusivity, but uncovering an affair can also involve a significant amount of spending, including on items like gifts, meals out or hotel rooms.

In particular, financial secrets can be a major contributor to divorce as well as a symptom of people thinking about ending their marriages. When individuals grow unhappy in their marriages, they may begin to hide assets from their spouses in an attempt to avoid dealing with them during the property division process in court. However, tax season also points to an important time of year for accountability. By going through tax documents, people can learn more about their household finances and the accounts in their and their spouse’s names. This is especially important when the situation is moving toward divorce or if a separation is already in process.

Reviewing tax documents can help people find undisclosed investment accounts, retirement funds or even bank accounts. People who don’t hesitate to lie to their spouses may be wary of doing so when the IRS is involved. In addition, even outside tax season, there are red flags that can point to financial secrets, including sudden changes in spending habits or being blocked from accessing online banking or other account information.

The financial disposition of a divorce can have some of the longest-lasting effects on the end of a marriage. By working with a family law attorney, a divorcing spouse can seek to uncover hidden financial dealings and reach a just resolution on issues like property division and spousal support.

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