Financial infidelity is viewed as a “premeditated crime” because hiding or lying about money takes active and deliberate planning. And many people view it as worse than cheating, physically, on a partner. In the case of abuse, this is a completely justifiable “crime.”
Financial infidelity occurs when couples with combined finances lie to each other about money. For example, one partner may hide significant debts in a separate account while the other partner is unaware.
"Infidelity can hit the pocketbook and wallet, too, when one spouse spends, borrows, withholds or hides money without telling his or her partner," Newman writes. "Such financial infidelity can damage a marriage just as much as the sexual type, if not more so."
Here are 5 ways to fix your relationship after financial infidelity has broken your trust:
Hidden debts can impact your divorce by diminishing the value of your marital estate and increasing the balance of various debt accounts you and your spouse have to split and pay off as part of the divorce.
Here are eight ways to protect your assets during the difficult experience of going through a divorce:
Since California is a community property state, the law applies that the community estate shared between both individuals is liable for a debt incurred by either spouse during the marriage. All community property shared equally between husband and wife can be held liable for repaying the debts of one spouse.
If you aren't married, you have no obligation to share the details of your financial life with your partner. And even if you are hitched, there's no law that says married couples have to divulge their finances to each other.
The consequences of hiding money from your spouse or partner
Others hide money because they're embarrassed over the way they handle it. But when partners have financial secrets, it's a sign of deeper relationship concerns. It's never just about the money; money can represent feelings of shame, fear, mistrust, and more.
Reasons for Financial Infidelity. People keep financial secrets from their partners for a variety of reasons. Most often, they're simply trying to avoid getting into a fight over money. Sometimes, however, concealing money matters can be a symptom of a deeper problem in the relationship, such as fear or lack of trust.
Here are some steps you can take after the damage has been done.
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