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Financial infidelity may cause serious problems

On Behalf of | May 25, 2023 | Divorce

Financial infidelity differs from traditional infidelity as it doesn’t involve entering into a physical relationship outside of your marriage. However, it does represent a significant breach of trust that results in a trip to an Arkansas courtroom to dissolve your marriage. If you are older, it may be harder or impossible to recover from the loss of funds or other consequences of such a betrayal.

Retirement may not be an option

You may have been led to believe that there were sufficient funds in a joint bank or brokerage account to fund a quality retirement. You may also have been led to believe that there was significant equity in your home or other assets that could have been liquidated to fund your golden years. However, your spouse’s actions may have drained an account or reduced the equity in those assets. A lack of time combined with an inability to prepare for life after a divorce may mean that you’ll have to reenter the workforce or stay there permanently.

Funds might be recovered

Depending on the scope of your spouse’s actions, it may be possible to recover some of the funds that were taken without your knowledge or permission. Generally speaking, you’re entitled to an equitable share of any items that are acquired during the course of your marriage.

Therefore, if you find evidence of profits from a business, sale of a car or other ventures, you might receive a portion of those proceeds. However, if the proceeds from those sales have already been spent, it may be impossible to recover anything. The same is likely true if funds from a joint account that you already knew about have been frittered away by your spouse.

In a divorce, you may be entitled to a share of the marital estate as well as alimony payments. It may also be possible to use your spouse’s work record to claim Social Security retirement benefits.