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.
Can marriage survive financial infidelity? ›
Discovering financial infidelity does not mean the marriage is a lost cause, but it is a sign that, at the very least, your marriage needs work. In addition to financial difficulties that may have been created, trust has been lost and must be regained.
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 this type of marital infidelity include: Spending a notable amount of money without the knowledge of the other spouse. Possession and use of secret credit or debit cards. Maintenance of secret financial accounts.
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.
Why do men commit financial infidelity? ›
Like all forms of cheating, the problem is fundamentally a lack of trust. In a relationship with financial infidelity, the ability to talk about money isn't present. Either there is a desire or demand to control money in the way you want to without compromising with your significant other.
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 discover financial infidelity? ›
Hidden Bank Accounts
A hidden bank account is one of the most frequent signs of financial infidelity. This typically involves one spouse opening a secret account, hiding deposits or withdrawals from the other partner, and managing it without their knowledge or consent.
Is financial infidelity a deal breaker? ›
Financial infidelity involves hiding savings, debts, and spending from your partner. Keeping money-related secrets in relationships is the number-one financial deal breaker.
Is hiding debt financial infidelity? ›
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.
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.
How do you confess to financial infidelity? ›
Here's how:
- Get real with yourself. Take a good look at what you've been doing and why you've been doing it. ...
- Be prepared for anger. Your partner is going to be angry. ...
- Don't delay. There isn't going to be a perfect time to confess your financial infidelity. ...
- Listen to your partner. ...
- Focus on the future.
You need evidence. And the evidence of what your husband has done is right in your bank statements, credit card statements, and tax returns. You'll have to get these records and go through them line-by-line to find the transactions to prove exactly what he did with your family's money.
What to do if someone cheats you financially? ›
Have a frank discussion with your spouse. And be forewarned—this could be difficult. Cheating spouses often get defensive and try to deflect blame when caught in the act—and this is true for financial infidelity, too. But it's essential to be open and honest about the situation.
