When you married your spouse, you expected to share everything. You also thought your spouse would be honest with you about money matters. Unfortunately, though, too many individuals hide assets or debts from their spouses.
Financial infidelity happens when spouses with combined assets lie to each other about finances. According to reporting from CNBC, roughly 30% of married Americans have dealt with financial infidelity during the last year alone.
Problems for your marriage
As you might suspect, financial infidelity can be fatal to any marriage. Indeed, if your spouse is not honest with you, you might be on the hook for his or her debts. This can be a significant burden, of course, as it might limit your ability to succeed in life. Moreover, it may be impossible to obtain financing for a new home, car, college education or anything else.
Problems for your divorce
Financial infidelity is a commonly cited reason for divorce. If your spouse’s lies are causing you to think about ending your marriage, financial infidelity also might continue to plague you. That is, if your spouse is dishonest about money during your marriage, he or she may be dishonest about assets and debts during your divorce. This could cause you to end up with significantly less than you deserve.
It can be difficult for any married couple to recover from financial infidelity, unfortunately. Ultimately, if you intend to divorce your spouse because of money-related deception, you should take some immediate steps to protect both yourself and your financial interests.