Don’t Hide Financial Activity
Financial infidelity is a term many people are not familiar with, but it can have serious consequences in marriages and relationships. Financial infidelity occurs when one partner hides or misrepresents financial information from the other, such as keeping secret bank accounts or hiding purchases. It does not necessarily involve marital infidelity, though it can lead to divorce. This blog will explore what financial infidelity is and how it contributes to divorce.
Financial Infidelity Defined
Financial infidelity is a form of dishonesty that can have serious repercussions for a marriage. Though it does not involve physical cheating, the hidden spending or secret accounts can lead to feelings of betrayal and mistrust. This deception is all too common: according to a Harris Poll survey, over 50% of adults admitted to having committed financial infidelity in their relationships.
Consequences of Financial Infidelity
Financial infidelity can be damaging to marriage in several ways. It can lead to arguments and feelings of mistrust, which can cause a breakdown in communication between spouses. In addition, financial problems caused by one partner's spending habits can create tension and stress in the relationship. This often leads to one partner feeling like they are carrying the financial burden of the relationship, which can lead to resentment and further strain.
Divorce and Financial Infidelity
Financial infidelity is often a contributing factor in divorce. When a partner discovers or suspects that their spouse has been hiding financial information from them, it can be incredibly damaging to the trust in the marriage and cause irreparable damage. Furthermore, if one partner has been overspending and creating financial strain, it can lead to arguments and issues that cannot be resolved. Ultimately, this can lead to the end of the marriage.
Financial infidelity is a serious issue in many relationships, often leading to divorce when not appropriately addressed. Couples must have honest conversations about their finances and respect each other's financial decisions. If one partner is concerned that the other may be engaging in financial infidelity, it is important to open up a dialogue so that issues can be addressed and resolved before they lead to further conflict or divorce.
Work With Dallas Divorce Attorneys
Financial infidelity is an issue that can lead to serious stress in marriages. By understanding financial infidelity and how it contributes to divorce, couples can be more aware of the issue and take steps to ensure it does not become a problem in their relationships. Open communication about finances is the key to avoiding financial infidelity and its consequences.
If, however, financial infidelity leads to divorce discussions, the team at Verner Brumley Mueller Parker is here to help. Learn how we can guide you through a divorce or schedule a consultation by calling (214) 225-6766 or visiting our website.
FAQs
Financial infidelity occurs when one partner hides or misrepresents financial information from the other, such as keeping secret bank accounts or hiding purchases. It does not necessarily involve marital infidelity, though it can lead to divorce.
What are the red flags of financial infidelity? ›
It can be small money lies or big lies, there can be secret spending, secret bank accounts, spending amounts or purchasing items you know your partner wouldn't agree or approve of, or ignoring financial boundaries such as discussing purchases that cost more than an agreed upon amount such as $500 or $1,000.
Which of the following is an example of financial infidelity? ›
Examples of financial infidelity can include hiding existing debts, excessive expenditures without notifying the other partner, and lying about the use of money.
What causes financial infidelity? ›
Overspending to support a personal hobby can lead to financial infidelity. Similarly, a spouse secretly providing financial support to a child from a prior marriage or simply setting money aside in a personal account without telling the other spouse can lead to marital difficulties.
Can you go to jail for financial infidelity? ›
Is financial infidelity illegal? Financial infidelity, while deeply damaging to the trust and foundation of a marriage, is not illegal in the criminal sense. However, it can lead to legal consequences in the context of divorce proceedings.
Can you sue your spouse for financial infidelity? ›
You have options to protect your interests through legal action. For example, if funds were siphoned from joint accounts without permission, you may be able to sue your spouse civilly for conversion or misappropriation. Your case will depend on showing the money was used inappropriately against your wishes.
How to prove financial infidelity? ›
10 signs of financial infidelity
- Hiding debt. ...
- Evasive or defensive responses to normal questions. ...
- Concealing spending. ...
- Overspending without agreement. ...
- Unexplained shortages. ...
- Complete financial separation. ...
- Hidden assets or investments. ...
- Unexplained changes in financial behaviour.
Financial infidelity involves hiding savings, debts, and spending from your partner. Keeping money-related secrets in relationships is the number-one financial deal breaker.
How damaging is financial infidelity? ›
Loss of trust.
Financial infidelity makes things even worse. Seventy-five percent of people who have experienced financial infidelity say that it has negatively impacted their relationship. Infidelity of any kind can erode trust within a relationship, and financial infidelity is no different.
How common is financial infidelity in marriage? ›
It's called "financial infidelity," and 42% of people admit to it. "Keeping secrets from our loved ones, whether we're in a marriage or a partner that we live with," elaborated Roger Reynolds, CEO of Reynolds Financial Group.
If you have a credit card balance that you have never revealed to your partner, a secret savings account slush fund or a weakness for $20 chocolatinis, you may be committing financial infidelity. Hiding debts and impulse buys from loved ones can break a relationship, according to several recent surveys and studies.
What does the Bible say about financial infidelity? ›
Ephesians 4:15 (NIV) encourages us to "Speak the truth in love." This is not always easy, but your spouse must know that you know. You must confront them about their actions. Express your feelings and concerns about the financial deception.
Is financial infidelity the same as cheating? ›
Essentially, it's when one spouse makes significant decisions about money in secrecy. As a result, it can have dire consequences on a marriage. Almost half of the people surveyed agree that financial infidelity can be as painful and damaging to a relationship as physical cheating.
Should you forgive financial infidelity? ›
“If you want the relationship to work out, you're going to have to forgive and move on,” Harzog says. “That's hard when you have been betrayed, but if you want to save your relationship, you will have to take some steps to do so.”
How to fix financial infidelity? ›
6 practical ways you can address financial infidelity in your relationship:
- Acknowledge what's been compromised.
- Be honest and come clean.
- Understand your value system.
- Examine your relationship.
- Listen without judgement.
- Strive for transparency.
It's time to have a difficult and serious talk about your finances with your spouse or partner. Tell them about any feelings you have about lying or being lied to about your finances. Your concerns, guilt, anger, panic, sense of being betrayed, embarrassment, helplessness, etc. You need to be heard by your partner.
