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One of the most common reasons cited for divorce in the United States is financial infidelity (also known as financial infidelity). Financial infidelity can be defined as a spouse keeping hidden accounts, buying things without the knowledge of their partner, or lying about their spending habits and/or assets. This type of financial deception can be particularly damaging to marriages because it goes against the fundamental premise of trust that’s essential to any successful relationship. Here are just some of the ways financial infidelity can ruin your marriage.
- Why 50% of All Marriages Fail
- The #1 Cause of Divorce?
- Financial Infidelity Is Killing American Marriages
- Why Financial Infidelity Is So Destructive
- How to Spot Financial Infidelity in Your Relationship
- When Should You Talk About Finances with Your Partner?
- Ways To Prevent Financial Infidelity in the Future
Why 50% of All Marriages Fail
According to a new study, couples who keep their finances a secret are 50% more likely to divorce. Financial dissatisfaction has been identified as one of the leading causes of marital conflict, and sharing your joint bank account in an open and transparent way will go a long way toward eliminating such issues. In fact, according to marriage counselor Rhoberta Shaler, the most important thing you can do for your relationship is to share all aspects of your money life with each other. For example, she suggests creating a shared budget that both partners agree on and reviewing it together regularly. Even if you don’t have any problems yet—and especially if you do—there’s no time like now to start being honest about how much money you make and how much money you spend. It might seem awkward at first but it could save your marriage!
The #1 Cause of Divorce?
Blame money. According to new survey results from Fidelity Investments, nearly half of all divorce filings contain at least one allegation regarding money. In some cases, there’s a mismatch between what each partner feels they need to maintain their current lifestyle and what they’re able to bring in as income. But regardless of which partner has more or less money, arguments about spending have been cited as one of the most common causes of divorce by both men and women—with 70% reporting that financial disagreements had caused tension in their marriage.
Financial Infidelity Is Killing American Marriages
There’s an old saying in finance, What you don’t know can’t hurt you. While that used to apply to investments and retirement accounts, it seems a number of people are ignoring that adage when it comes to their finances. According to a recent survey from SunTrust Bank, 57% of Americans said they would cheat on their spouse if they were financially independent. The results were even more disturbing with millennials; 68% said they would cheat if given half a chance!
Why Financial Infidelity Is So Destructive
Financial infidelity, also known as financial infidelity, can take many forms: keeping secret bank accounts or credit cards, withholding information about debts or assets, and lying about how much money you spend on discretionary items. If your partner is hiding any of these things from you, it’s important to know that your partner may be more vulnerable to other types of deception and dishonesty. If they aren’t willing to open up now, they may hide something bigger later down the road—like an affair. Knowing all of your finances with each other can help prevent resentment and arguments down the road.
How to Spot Financial Infidelity in Your Relationship
One of my favorite Money Saving Mommy-isms is, You’re not as rich as you think you are. I don’t know why but it just seemed like such a great money-saving mantra. Although when your spouse has been cheating on you financially, it really doesn’t apply to that situation. In fact, it should be: You’re not as rich as you think you are…unless he/she is lying to you about money and spending! If your spouse has been hiding charges or overspending their paycheck, then let me tell you something –you don’t have any idea how much money they have…or do!
When Should You Talk About Finances with Your Partner?
While many couples are financially compatible, most aren’t. The key, though, is that they try to be as transparent as possible with one another in order to keep their finances in check. If you don’t have a good working knowledge of your partner’s spending habits and you find that there are discrepancies between what they say and what they actually do, you may have a money problem on your hands. This can often lead to affairs or even divorce. So if you think something might be off in your relationship when it comes to money, now’s probably a good time to discuss it with your partner. It could save your marriage—and save you from financial ruin.
Ways To Prevent Financial Infidelity in the Future
Follow these steps to prevent yourself from cheating financially in your marriage. Create a budget with your spouse and set goals for both of you. Discuss ways that each of you could improve your money management skills together (have a few goals). Don’t keep secrets or lie about how much you spend on things, put everything on credit cards, or borrow money from family members. Be honest with yourself and your spouse so that neither of you get into serious debt by withholding information. Stop comparing yourselves to others and always strive to be better than where you started before instead of keeping up with Joneses. Always remember that what matters most is being happy and healthy as a couple. If you are not happy then it doesn’t matter how rich or poor you are. Always talk through problems instead of avoiding them because they will only get worse if left alone. Have fun and enjoy life!
