Understanding financial infidelity

Understanding financial infidelity

On Behalf of | Sep 25, 2020 | Firm News |

Money is a common contributor to marital strife but how money impacts a marriage may vary dramatically from couple to couple. For some people, serious debt issues may cause stress for individuals that spills over into the marriage.

For other people, what many now call financial infidelity may create serious problems that even lead to the end of a marriage.

The basics of financial infidelity

At its core, financial infidelity involves some sort of lying about money on the part of one spouse. NBC News indicates that a study conducted by CreditCards.com found that a whopping 15 million people have bank accounts or credit cards that they do not disclose to their partners.

The intent behind any secrets differentiates true financial infidelity from other behaviors. For example, when one spouse tries to keep a single purchase from the other party in order to surprise them with a gift, that may not be considered financial infidelity. However, when one person opens a new credit card to purchase things that would be kept secretive from the other person, perhaps to fund an affair, that may be deemed financial infidelity.

Different types of financial infidelity

As explained by The Simple Dollar, financial infidelity may take many forms. Racking up debt that both people ultimately must repay is one form. Funneling income that should be joint money into sole accounts not disclosed to a spouse is another type of financial infidelity. A person may do this in preparation for a divorce in the hopes that the money not be deemed joint and therefore not subject to split in the divorce.