Protecting Your Finances in Marriage: Beware of Gold Diggers

 Posted on February 24, 2017 in Family Law

We have all heard the phrase “love is blind.” Many of us have even fallen victim to it ourselves. It is not uncommon for a person, when he or she first falls in love, tend to only see their partner’s good points while ignoring their faults and evident warning signs. This is likely to be a contributing factor to many divorces, especially for couples who marry after only knowing each other a short time.

Such is often the case for people who marry someone, only to find out later that their spouse is a “gold digger.” The word gold digger refers to a person who begins a romantic relationship or marries a partner because the partner is wealthy or well-connected. These relationships are also referred to as romance scams. Although it is common to think that only women are gold diggers, there are many cases in which men are just as guilty.

Know the Warning Signs

There are indications that may suggest the person who you are thinking of marrying is not who or what they say they are financially. Some of the red flags to look for include:

• Your partner will not share his or her credit history. If you are going to enter a committed relationship, you should both be aware of each other’s creditworthiness, since the plan in marriage is to build a future together. If your spouse-to-be avoids or refuses to disclose his or her credit report, that is a strong indicator that he or she may be hiding something – such as not owning property he or she claims to own or other financial problems.
• He or she is secretive regarding his or her income, spending habits, and bill-paying habits. Does he or she have any savings or retirement accounts? If the person you are going to marry is being vague about how much money he or she has, there could be a good chance that it is less than you think it is.
• He or she asks you to co-sign a loan early in the relationship. This is a definite sign that something is wrong with what he or she is telling you. If your partner has good credit and a healthy, steady income, then he or she should not need your help in obtaining a loan.
• The person you are supposed to be marrying refuses to discuss a prenuptial agreement. While not everyone needs a prenup, if your partner balks at the idea, it may be a good time to cancel those wedding plans. This is especially true when you have been married before and or have children whose interests must be protected. Refusing to talk about a prenuptial agreement—let alone signing one—may be a warning sign that you are dealing with a gold digger.

We Can Help

Unfortunately, many people find out too late that they have married a person who was only after their money. If you find yourself in this situation, contact an experienced divorce attorney in Lombard to find out how you can end the marriage and protect your finances. Call A. Traub & Associates at 630-426-0196 for a confidential consultation today.

Source:

http://money.usnews.com/money/blogs/alpha-consumer/2015/03/20/are-you-married-to-a-gold-digger

http://www.yourtango.com/201088143/7-signs-hes-dating-you-your-money