Financial Fraud and Divorce

Although you may trust your significant other when you decide to combine finances, a recent study conducted by Harris Interactive and commissioned by Forbes found that nearly one-third of people who have combined finances have been deceptive towards their spouse regarding money. Additionally, disputes over finances are a common reason why married couples split up. A recent survey found that money is the second-most common reason couples divorce, behind only infidelity. If you are seeking a divorce lawyer in Westbury, you’ll want the best team in your corner. Simonetti & Associates, voted Long Island’s best divorce lawyers, are well-equipped to handle any divorce or family law dispute.

Common Financial Fraud Committed During a Divorce

There are several types of fraud that are often committing during a divorce. One such method of fraud is known as concealment. Concealment entails hiding or undervaluing assets that can lead to a disproportionate share of value going to one spouse. Concealment is so prevalent that it has been referred to as “the cornerstone of fraud”. Another type of fraud that is exclusive to divorce situations is called dissipation. This occurs when one spouse wastes money or assets without the consent or knowledge of the other. This often takes the form of heavy spending on gambling or luxuries. 

Reasons Someone Would Commit Fraud

There are typically three elements present that drive people without criminal histories to commit white-collar crimes like fraud. The first of these elements is a perceived opportunity or the idea that they can reap the rewards of fraud without being caught. Another reason is pressure, whether that be social or financial. Someone may feel pressured by their peers to come out of the settlement on top, or they may think an equitable settlement will leave them in desperate straits financially. The final element creating the environment for financial fraud is rationalization. This means that the perpetrator convinces themselves that they are still an honest or good person despite committing a crime rooted in deception.

Seeking a Divorce Lawyer in Westbury?

If you are seeking a divorce lawyer in Westbury, Simonetti & Associates are prepared to take on your case without fear or apprehension. Our gifted team of attorneys will put forth their best effort to ensure that you are protected from fraud and have as smooth of a divorce as possible. Contact us today for a free consultation. 

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