What is financial infidelity? Financial infidelity can be better referred to as “secret spending.” This refers to when one spouse hides a portion of their money and spends it on items that they do not disclose to their other spouse. As money is the number one cause for marital arguments in the United States and one of the major factors leading to divorce, you can obviously see how this can be a major issue in relationships.
So how do you avoid this? This all actually roots back to before you’re even married. You need to be open and frank with your partner. You need to have conversations about finances and disclose information about your assets. If you feel you cannot tell your intended spouse about your money or spending, this may be a red flag depending on the dynamic of your relationship. If both you and your spouse spend money from individual accounts and spend completely independently, then this dynamic should survive situations like the one listed above. If, however, you both assume that all money comes in and goes out of one joint account, secrecy can be a major issue.
Some helpful tips for couples with combined finances are: assign one person to handle the finances, make a roadmap and plan of how you intend to spend and save your money during the marriage, and set financial goals. It is also advisable to meet with a financial planner early on to ensure that your goals are reasonable. Remember that secrets, in any form, can be detrimental to your relationship.
If you are faced with a divorce or need family law guidance, please contact our Pennsylvania Family attorneys today!