financial infidelity in marriage Archives - Ira SmithTrustee & Receiver Inc.

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.

Financial infidelity in marriage: Introduction

Financial infidelity in marriage is a recurring problem. Couples heading to divorce argue about many things – the kids, sex, in-laws, the house, division of labour – but a study from Utah State University and recent statistical findings from online divorce service MyDivorcePapers.com (MDP) have re-confirmed that the cause of money, not sex, is the top predictor of divorce. The study and the data show that couples who engage in financial infidelity in marriage routinely argue about their finances are setting a steady course for divorce. Many studies echo these findings, including a 2012 longitudinal study that found that money is the number one cause of tension in relationships and as a result, it’s also the top predictor of divorce.

Financial infidelity in marriage: Our definition

Financial infidelity in marriage occurs when a spouse commits to serious spending that affects the entire household without first consulting their mate. To avoid becoming a statistic couples should be doing a lot of talking about finances before saying I Do and throughout the marriage. It may not be romantic but avoiding the conversation may doom your relationship to failure. You are no doubt discussing your compatibility in many areas of life. You are more than likely not discussing your financial compatibility. The likelihood of financial infidelity in marriage may be increased as a result.

Financial infidelity in marriage: Some important considerations

Have you considered:

How you’re planning to pay for your lifestyle?
Saving for retirement?
If your spending habits are compatible?
What your financial priorities are?
Your assets?
Your debts?
A prenup?

Financial discussions need to be frank and transparent. The health of your marriage may depend on your financial health. If in the course of your financial discussions you uncover serious debt issues, it’s better to deal with the debt sooner than later.; stay away from divorce by not committing financial infidelity in marriage.

Financial infidelity in marriage: We can help you

Start your life off debt free and with a go forward plan to stay that way. For sound professional help and advice contact Ira Smith Trustee & Receiver Inc. today. We can’t guarantee you a happy marriage but Starting Over, Starting Now we can help you deal with serious debt issues and put you on a path to living a debt free life.