How to Identify Financial Infidelity

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financial infidelity

Have you heard of financial infidelity? Forensic accountant, Tracy Coenen, explains how to find hidden money in a divorce on today’s episode.

Tracy Coenen has been investigating fraud for more than 25 years, but she didn’t always want to be a forensic accountant. With a dream of one day being a prison warden, she went to college to get a degree in criminology. A class on financial crime investigations reminded her how much she loved Encyclopedia Brown books as a kid. As she continued her criminology degree, she added accounting and economics courses so she could become a CPA, and today, Tracy finds money in cases of corporate fraud, high net worth divorce, and other financial shenanigans.

In this episode of Last First Date Radio:

  • What is Financial Infidelity (or Financial Abuse) and How to Identify It
  • Red flags of financial fraud in Marriage
  • How to find hidden money in a divorce
  • The Divorce Money Guide and why it’s important

EP 567: Tracy Coenen – How to Identify Financial Infidelity

What is Financial Infidelity (or Financial Abuse) and how can people identify it?

Financial infidelity is lying about money to your partner. Could be a secret account or lying how you spend money. Financial abuse is using money to control the other person. It weaponizes money. 

What are some red flags of financial fraud in marriages or long-term relationships?

We need to be aware of financial red flags. They are clues that something is wrong. Be mindful of how your partner is acting around money. Have money habits changed? Do they take out a lot of cash from an ATM and you don’t know where the money is going? Are they not letting you read financial documents that they want you to sign? They are hiding money and using it for something nefarious – an affair? A big purchase? Take the red flag assessment to learn more about the signs of financial fraud.

How can people find hidden money when going through a divorce?

Go through the financial statements. The Divorce Money Guide teaches you what to look for in the statements. Most people don’t have offshore accounts. They have savings and checking accounts and investment accounts. The husbands are often in charge of the family money, and the wives don’t often check the statements. So, the husbands don’t do much to conceal their hidden money. 

What are your final words of advice for anyone who wants to go on their last first date?

If you’re entering a long-term relationship, talk about money. Engage in full disclosure of your financial situation with your partner, even if you are embarrassed about your income or debt. If you’re willing to be honest, they’ll respect you. Stay informed about your financial situation as your relationship progresses. Do a once a month check in to look at the finances. 

Get Tracy’s Red flag assessment, divorce money guide, and Find Me the Money Book: 

IG and TikTok – @divorcemoneyguide

Watch this episode on YouTube here

Please subscribe/rate and review the podcast here.

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