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Financial infidelity definition: Introduction
Financial infidelity in marriage is the biggest danger to your marriage. Contrary to popular belief, a spouse with a roving eye is not the biggest danger; it is financial infidelity. You may be surprised to learn what the financial infidelity definition is. Financial infidelity in marriage is more common than you think. According to a 2014 survey by the National Endowment for Financial Education:
- 33% of people with joint finances have lied to their partner about money.
- 30% concealed a purchase, bank account, statement, bill or cash from the other.
- 10% lied about their finances, earnings and debt.
- 35% have been financially deceived by a partner.
Financial infidelity definition: How much damage can financial infidelity cause?
How much damage does financial infidelity in marriage cause? According to the same 2014 survey by the National Endowment for Financial Education:
- 76% of those surveyed said financial deception has adversely affected their relationships.
- 47% admitted it caused an argument.
- 33% reported that it had resulted in less trust in the relationship.
- 10% said that the deception ultimately resulted in divorce.
- 8% blamed it for a separation.
Financial infidelity definition: Money is the top predictor of divorce
The top predictor of divorce is arguing about money, regardless of the couple’s income, debt or net worth, according to a Kansas State University study. If you have financial infidelity in marriage, the secrecy has to end and you must be open and honest. Full disclosure is the only way. You need to:
- Have an open and honest conversation about money and shake all the skeletons out of the closet.
- Create a budget that you can both live with.
- Set financial rules and goals.
- Seek financial help
Financial infidelity definition: We can help get you out of trouble
Contact Ira Smith Trustee & Receiver Inc. We are professionals who serve companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. There is a way back from financial infidelity in marriage. It takes a solid financial plan and hard work. Call us today for a consultation and take the first step towards getting your marriage and finances back on track.
