I recently read an article which suggested that a bike shop is allegedly offering “spouse receipts” so that keen cyclists can show their spouses that they paid less for the latest bike or accessory than they actually did.
Some cyclists are referring to this as a “wife receipt” (on the assumption that there are probably more keen male cyclists than female). The service would allow customers to change the price of a purchase on the receipt.
So are spouse receipts a good idea or are they indicative of a marriage that is less than happy or a marriage in which mutual trust is lacking?
Financial conduct is often given as a reason for the breakdown of a marriage. This could include significant over-spending or running up debt. We explore the common lies about money in relationships in our blog Financial Infidelity: Lies About Money Leading to Divorce.
To divorce, a party has to be able to show to the court that the marriage has irretrievably broken down and this has to be evidence by one of five different facts. One of those facts includes unreasonable behaviour. Reckless expenditure is likely to constitute unreasonable behaviour and often finds its way into a divorce petition.
When negotiating a financial settlement upon divorce you have to give full and frank disclosure of your financial circumstances including all assets worth over £500.
Disclosure of financial assets is one of the most important things to do and each party must tell the truth about their financial circumstances even if they have perhaps been less than straightforward about the value of their personal belongings during the course of the marriage itself! A failure to disclose assets can have a significant and detrimental impact upon the distribution of assets. To find out more see our blog what documents do I need to provide by way of financial disclosure?
Katie Lowe is a Senior Associate in the Family Law team at Slater and Gordon in Manchester.
For guidance on what is involved with finances after your divorce or separation call the expert Divorce Solicitors at Slater and Gordon Lawyers on 0800 916 9055 or contact us online.