Financial secrets can have serious consequences when a relationship ends. In a recent article in the West Australian, Michael Tiyce, Principal at Tiyce & Lawyers, shared his insights into the growing problem of financial infidelity and why attempts to hide assets almost always come undone during property settlements.
Drawing on more than three decades of family law experience, Michael explained that while people have always tried to conceal money from their partners, the methods have evolved.
“There are cases where there have been tins of tomato cans full of cash in the backyard. It’s not so much of that nowadays. It’s much more cryptocurrency or secret bank accounts.”
Michael described real cases involving undisclosed credit cards used to pay for long-term relationships with sex workers, hidden bank accounts, and investment properties that only came to light through detailed investigations.
He warned that many people wrongly believe they can outsmart the legal system.
“You might think that you’re cleverer than your spouse or their lawyer – and even if that’s the case, you won’t be cleverer than a judge.”
Michael emphasised that Australian family law requires separating couples to provide full and frank financial disclosure, including all bank accounts, investments, debts, superannuation and property.
“The law says you disclose, and you will disclose… You disclose till it hurts.”
Failing to do so can have significant consequences, including adverse property settlement outcomes and orders to pay the other party’s legal costs.
His advice is clear:
“The tip would be to come clean immediately. And if your partner is being secretive about their finances, act on that red flag and get advice.”
At Tiyce & Lawyers, we help clients navigate complex property settlements with practical advice and a commitment to ensuring all financial interests are properly identified, disclosed and protected. Book an obligation-free initial consultation today.
