Financial infidelity meaning
Financial infidelity occurs when couples with joint 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.
Couples need financial infidelity help
The media describes the topic of financial infidelity often. We have also written about financial infidelity help advice in the past:
- JOINT ACCOUNTS: SHARING WITH YOUR SPOUSE IS GREAT, BUT NOT THIS
- FINANCIAL INFIDELITY IN MARRIAGE LEADS TO DIVORCE
- FINANCIAL INFIDELITY IN MARRIAGE; HAVE YOU EXPERIENCED IT?
- FINANCIAL INFIDELITY: DON’T WAIT FOR YOUR SPOUSE TO CHEAT BEFORE DISCUSSING MARRIAGE FINANCES
Studies show for financial infidelity help
The noted UK publication, The Guardian, recently published its article “Financial infidelity: how to prevent money secrets from hurting a marriage”. In the article, they noted that:
- in 2011, the National Endowment for Financial Education discovered that 31% of Americans who responded to a poll admitted lying to their partners about their finances
- 67% of respondents said the secrets – when revealed – led to arguments, 42% said it damaged trust, and 16% said it even led to divorce
- their updated survey in 2013 showed an increase from 31% to 33% of respondents
9 signs that financial infidelity help is required
Entrepreneur Magazine recently published an article titled “9 Signs of Financial Infidelity”. That article listed them as:
- New spending patterns
- Excessive shopping
- Fat brokerage statements
- Moodiness
- Sudden changes in compensation
- Recent purchases of art or antiques
- Newly opened accounts
- Signing documents without review
- Lack of communication
We can provide financial infidelity help to get you out of debt
When it comes to marriage finances, honesty is the best policy. If you have committed financial infidelity or have been the victim of financial infidelity, you may be in serious financial jeopardy. Don’t wait until you are out of options. Contact a professional trustee as soon as possible. The Ira Smith team is a full service insolvency and financial restructuring practice serving companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We can help. Call today.
