Infidelity in a marriage may take many forms, including lying about money.
For many couples, financial infidelity can even lead to the irrevocable breakdown of the marriage. For others, it may arise from a planned or anticipated divorce. Regardless of the circumstances, it exposes the unknowing spouse to significant financial issues.
Two forms of financial infidelity
As explained by NBC News, financial infidelity may involve one spouse hiding money or other assets from the other. Some people may do this before filing for divorce in the hopes that select assets may be kept out of the property division settlements.
Financial infidelity may also involve one spouse incurring a significant amount of debt without the other person’s knowledge. That debt may end up being deemed joint debt, leaving the unknowing spouse on the hook for the other person’s actions.
A growing problem, especially among younger spouses
NPR reported that more millennials may engage in financial infidelity than other people in part due to their comfort level with technology. The ease with which accounts may be opened online may contribute to the overall rise in financial infidelity today. Research from CreditCards.com indicates that at least four out of every 10 people in the U.S. admit to having hidden money from a partner.
Raising concerns about other issues
In addition to the serious financial problems hiding money or debt from a spouse may create, the unknowing spouse may end up questioning other things about their partner once the financial infidelity is exposed. Realizing that a person has lied about one thing naturally increases this worry.