Millions of Married Americans Report Committing Financial Infidelity

 Posted on December 08, 2015 in Divorce

As any marriage counselor would tell you, trust between spouses is a major sign of a healthy relationship. Successful marriages depend on both partners being transparent with each other. Breaches of trust usually happen when one spouse lies to or cheats on the other spouse. Did you know, however, that financial infidelity could spell trouble for your marriage as well? Millions of married Americans report engaging in financial infidelity, a dangerous game to play when a majority of marriage experts say money is the number one issue couples fight about. Are you keeping financial secrets from your spouse? If so, you are not alone, according to a recent survey.

Understanding Financial Infidelity

Financial infidelity is a serious problem for married couples, and while keeping secrets about money may not seem as devastating as an actual affair with an outside person, lying about money can destroy the trust between you and your spouse, and can eventually lead to divorce. Financial infidelity can come in a variety of forms, not all of them nefarious. Things like hidden bank accounts, serious secret debts, and gambling addictions all make the list, but even things like making small purchases without your spouse’s knowledge could be considered financial infidelity. Many married people may be committing financial infidelity without even realizing it.

A recent survey conducted by CreditCards.com polled millions of married Americans on their financial habits. Researchers found that 6 percent of the survey group reported committing some sort of financial infidelity. 7 million Americans, most of them men, reported having hidden lines of credit or bank accounts. 20 percent of the survey group said they would feel comfortable spending $500 or more without telling their spouse. The survey also found that young people are more likely to engage in financial infidelity.

Breakdown of Trust

The problem with financial infidelity is often not the spending or debt itself. Many Americans would likely spend up to $500 on a gift or surprise for their spouse. A few secret purchases as gifts will not destroy a marriage, but long term spending without the other spouse’s knowledge will. The problem is that money secrets indicate a bigger problem; a breach of trust within the relationship. If your partner feels you are keeping financial secrets, they will likely begin to question other parts of your relationship. A marriage will only remain successful if both spouses continue to be open and honest with each other.

If you are worried about financial infidelity, experts suggest having a conversation with your spouse. While approaching your spouse about financial infidelity may seem difficult, being open with each other will either help set things back on the right track or indicate a much larger problem. Financial infidelity may be a sign that your spouse is unable to be honest with you, and you need to decide what you are willing to put up with. Some couples even consider separating accounts, and, while that strategy may work for some, both spouses still need to be honest with each other about their finances.

If you believe your marriage is headed towards divorce, or you are already in the middle of a divorce, you need the help of a qualified Naperville divorce attorney. The skilled team at Pesce Law Group, P.C., is available to assist you with any divorce needs. Visit us online, or call 630-352-2240 to start working an attorney.

Sources:

http://www.dailyfinance.com/2015/01/22/financial-infidelity-troublesome/

http://www.theguardian.com/money/us-money-blog/2015/aug/02/financial-infidelity-money-secrets-couples-marriage