Financial Secrets: Accounts Your Spouse Doesn’t Know You Have

Financial Secrets:

Accounts Your Spouse Doesn’t Know You Have

Let’s face it,  we all have secrets even from our spouse and one of those secrets is money. I am a big believer in having your own money and separate accounts. I am all for one joint account for all of the household bills that you share, but think you should have an account or two set aside for yourself. A lot of couples hide money from one another because let’s face it some marriages do end in divorce. Plus, having your own accounts you will not have to answer to why you spent your money on something you wanted. In fact, 1 in 3 couples admits to hiding money from a spouse/partner.

Before I get into how to safely keep your money I want to tell you a story that happened years ago. I was working in retail and I and my co-workers were in a discussion about spouses having separate accounts. One of my co-workers, in her early twenties, believed that when you are married everything should be jointed including all money and assets. She felt that that was what a marriage was supposed to be about…sharing.  I told her, so what if your husband decides to leave you and clean out your joint bank account what are you going to do? She was speechless at first and then said that he would not do that. Immediately everyone was telling her that was a mistake. It could happen and I know people that this happened to. So if you are looking to put away some money or your assets from your spouse here are some ideas:

First, let me just say that hiding money from your significant other is a crime if you do not reveal all the assets you have in a divorce proceeding.

  • If you want to put some money away for yourself for a rainy day or just to have your own spending money try transferring your assets to another financial institution. If you have direct deposit this should not be that difficult to set up.
  • You can also transfer your assets to a friend or close family member that you can trust. Transferred assets are not a part of marital property. If anything you can say that you were helping them out through a difficult financial time.
  • I don’t recommend this, but I know people that have done this. Go on an expensive shopping spree. Buy art and jewelry. Once the divorce is final you can sell it and make your money back or even more if the price of gold, for example, goes up on the jewelry that you bought.

Be smart about your secrecy. Do not send statements to your house that you share with your spouse or partner. You can opt out of getting a statement and go green by receiving it via email or you can send your statements to a different address. Get a P.O. Box and have your mail sent there. I even know people that get their mail sent to their workplace mailbox. Keep in mind that the reason why many people get a divorce is that they argued about money. If a couple ever argues about money there is a good chance that someone is hiding assets.