What Is Financial Infidelity?
When you think of infidelity, what is the first thing that comes to mind? If you’re like most people, you think of cheating. Financial infidelity, then, is cheating on your partner financially.
But what exactly does this mean? It means you are hiding information about money from your spouse. You may be lying about your income, how much money you are spending, or how much you have saved up.
Why would couples lie about money to their spouses? Because many find talking about finances embarrassing—even more so than discussing sex. And financial infidelity is more common than you may think, with approximately 25% of married Americans admitting to keeping financial secrets from their spouses. Younger people are more likely to keep secrets.
This is a serious issue, as money is one of the top causes of divorce. Are you committing financial infidelity? Do you think your spouse might be? Here are some things to discuss and keep in mind.
What Secrets Are Married Couples Keeping?
Should you be telling your spouse everything about your money and finances? Yes, you should. In fact, here are some of the most common things that you or your spouse may be keeping secrets about.
- Having a credit card
- Giving money to a loved one
- Hiding a major expense
What to Discuss
Ideally, you and your spouse should be discussing finances before marriage. This is a good time to discuss bank accounts, spending habits, assets, and debts. This helps control your financial health individually and as a couple.
However, discussing money with your spouse isn’t going to be easy. You may be embarrassed about some of your past expenditures. You may be scared that you don’t know a lot about finances. That’s OK. The goal is to be open and honest with each other. Instead of making fun of each other, focus on learning from your past mistakes.
Credit scores are important, especially if you desire to buy a house in the future. Be honest with your partner about yours. If it’s low, discuss ways to bring down debt and increase your score. Sometimes personal loans or new credit cards can help.
Discuss having a joint account. While it can be nerve-wracking to have to share a financial account, many couples do it so they can pool their money for shared expenses. Try it and if it doesn’t work out, you can always move your money to an individual account.
Contact a Maryland Family Law Attorney Today
When a couple is married, they need to share in the finances. Hiding money or not sharing information about spending or saving can be grounds for financial infidelity.
Many couples argue about money. Do you? Is it severely affecting your relationship? If so, the Columbia divorce lawyers at the Law Offices of Todd K. Mohink, P.A. can help you with your divorce. Schedule a consultation today by filling out the online form or calling (410) 774-5987. We have two offices to serve you.