Your Secret Fund

wealthymattersAs a Divorce Financial Strategist, Jeff Landers has helped many women and their divorce attorneys decide on the most advantageous way to divide marital assets, compute alimony and negotiate more favorable settlements.

Here is his advice:Married women need to keep more control of their own money by maintaining a separate bank account,one that their husband has no access to and maybe doesn’t even know about.There are several advantages to keeping this kind of “secret” fund, but there are a few potentially significant pitfalls, as well.Every marriage is different, and every woman has to decide for herself what may or may not work in her particular situation.

Pros of keeping a secret fund:

It’s secret. Having money that your husband doesn’t know about can be very powerful emotionally, as well as financially.These days, many women are years into lucrative careers when they marry. If you gave up paid work to devote time to parenting and household management, however happy a decision that is, you may have taken a significant blow to your well-earned independence and self-determination. Maintaining a financial reserve that is all your own can help alleviate that sense of loss. Read more of this post

Common Ways Men Hide Money

wealthymattersA husband who hides assets usually has very specific, predictable objectives. In general terms, his goals are to:

1. Hide, understate, or undervalue certain assets,

2. Overstate debts,

3. Report lower than actual revenue, and/or

4. Report higher than actual expenses.

Here are a few of the most predictable strategies.

Hoarding unrecorded cash. Moving cash in the form of currency leaves no paper trail, and offshore bank accounts are relatively easy (from a legal standpoint) to open. The disadvantage is that laundering over $100,000 in currency can be time consuming and will likely require travel. Depending on the circumstances, this tactic could involve the very serious criminal acts of money laundering, violation of cash transfer reporting requirements, income tax fraud and perjury. At a less sophisticated level, men stash money in safe deposit boxes, in the house or elsewhere. Think through your husband’s recent habits and activities. Does anything lead you to believe he is hiding assets in actual cash?

Secreting already recorded cash receipts. Advantage: This can be completed as part of a complex accounting scheme, which may be too complicated or expensive to discover. Disadvantage: Once cash is recorded, its absence or transfer is discoverable. Read more of this post

Signs Your Husband Is Hiding Money

wealthymattersYou may have good reason to be suspicious if your husband:

• Maintains complete control of bank account information and online passwords.

• Is secretive about financial affairs.

• Owns a P.O. box or private mail drop box, which receives account statements and bills.

• Has meaningful unreimbursed business account expenses.

• Deletes one or more personal financial programs, Quicken or Quickbooks.

• Says the computer containing important financial records has mysteriously “crashed.” Then, he removes the hard drive for a data retrieval attempt, and it’s never to be seen again. Read more of this post

Major Alimony Payments

There’s nothing great about divorce.But some women have managed to come out of marriages with more than a lot of women manage to make and save in their lifetime.Here are some examples:

Suzzane Khan,if reports are to be believed,was asking an alimony of 100 crores. But then she was given two flats, cars and fixed deposits.

Rhea Pillai was married to Sanjay Dutt who gave her a flat(which is taking care of her present expenses), and eight crores. Read more of this post

Justine Musk On The Life Of A Starter Wife

wealthymattersIn the late spring of 2008, my wealthy entrepreneurial husband, Elon Musk, the father of my five young sons, filed for divorce. Six weeks later, he texted me to say he was engaged to a gorgeous British actress in her early 20s who had moved to Los Angeles to be with him. Her name is Talulah Riley, and she played one of the sisters in 2005’s Pride and Prejudice. Two of the things that struck me were: a) Pride and Prejudice is a really good movie, and b) My life with this man had devolved to a cliché.

At least she wasn’t blonde. I found that refreshing.

When I first met Elon, I wasn’t blonde, either. I was an aspiring writer in my first year at Queen’s University in Ontario, Canada, sprung from a small hometown and recovering from a difficult case of first love with the older man I’d left behind. I liked older. I liked poetic andrebellious and tortured. I liked a guy who parked his motorcycle beneath my dorm-room window and called my name through the twilight: Romeo in a dark-brown leather jacket. Read more of this post

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