What is Financial Infidelity?

 Posted on December 00,0000 in Divorce Finances

A new study from the National Endowment for Financial Education states that one in three couples is committing financial infidelity in their marriage. Financial infidelity can range from hidden credit card spending to secret receipts for big expenses. The key factor in the financial infidelity, though, is the intent to hide this behavior from their spouse. And this behavior can eventually result in marital tension or even divorce.

In the NEFE study, more than three-quarters of all respondents mentioned that “financial cheating” had hurt their relationship with their spouse. When the impact of financial infidelity reaches deep, all trust can be lost, especially when a spouse reveals a big gambling addiction or other financial obligation. At this point, it is very difficult to save the marriage and it leads couples to consult divorce attorneys.

The study also found that 35 percent of their respondents believed that some piece of their finances should always remain private. In fact, 30 percent of cheating couples hid statements, bills, cash, purchases, or bank accounts from one another, and 10 percent of couples told lies about their debt and earnings. In many couples, the lying habits took place over several months or years, and spouses went to great lengths to conceal their secret behaviors from their partner.

Whether  financial infidelity is large or small, it can wreak havoc on the trust in your relationship. Nearly one-fifth of survey respondents noted that financial infidelity led to a marital separation or divorce. And according to financial advisors, some of the worst financial cheating habits happen in households where the families are living paycheck to paycheck. Discovering hidden spending in the midst of financial struggle could deliver a devastating blow to a marriage. If you have recently discovered hidden financial habits of your spouse, please consult with an Illinois family attorney today.