Financial infidelity is a breach of trust in a relationship where one spouse hides financial information or takes financial actions without the knowledge or consent of the other. It can manifest in many different ways. Some of the common signs of financial infidelity include secret bank accounts, hidden debts, overspending, and lying about spending or income, or expenses.
There are typically signs of financial infidelity in a relationship and also ways to address them. One of the most common signs is a lack of transparency about money matters. This means that one partner is not forthcoming with important financial information or provides incomplete or misleading details. This could include not disclosing expenses, bills, or debt. If a partner is not willing to share their financial situation, it could be indicative of a deeper issue.
Another signal of financial infidelity is overspending. This means that one partner is spending more money than what has been agreed upon or what is needed for the household. This could be on frivolous purchases or even on secret activities that the other partner is not aware of. Some common avenues to consider when investigating this issue include exploring how much money is being spent on clothes, phone bills, equipment, and of course money taken out of bank accounts. Conversely, a partner who is always penny-pinching when it is not necessary could also be a red flag.
Can the Relationship Be Saved?
To address possible financial infidelity in a relationship it is essential to have open and honest communication and plan together. Both partners should be transparent about their financial situation, including their income, expenses, and debts. Each couple going through this must find out how to talk about it. It is also important to set financial goals together and create a budget that is affordable and works for both parties. This will help to avoid misunderstandings and build trust.
Couples should also make sure that they have joint accounts and share access to their financial records. This ensures that both spouses are informed about the state of their finances and can make important decisions together. In case of discrepancies, couples should be willing to confront the issue and work towards a resolution.
If your spouse is unwilling to address the financial aspects of your marriage or refuses to share access to financial records, there might be a bigger problem. Uncontrollable spending that seems out of control could be a sign of a serious gambling problem or hidden relationship. If you fear the worst, it might be time to consider divorce or possibly a legal separation. When divorcing a gambling addict or spouse that is hiding a relationship or simply not forthcoming with money, it is crucial that your first steps are planned out. Hiring an experienced attorney that knows how to take proactive steps is key.
Making Important Decisions
Finances are often at the top of the list as to why marriages fail. Hiding or not sharing financial information with your spouse can be a serious problem in any marriage, causing irreparable damage if not addressed promptly. Couples should take steps to avoid financial infidelity by being transparent about their finances and showing willingness to hire a financial advisor to set goals and create a mutual understanding of expectations around spending and saving.
In cases where your spouse is not willing to have honest and open communication, set goals together, and address the underlying issues causing the potential breach of trust, you should consult a family law attorney. A good family law attorney will understand what preemptive steps to take to protect your financial future. At Buncher Family Law our attorneys have the experience and resources to guide families successfully through the process of divorce.