How Financial Infidelity Can Lead to Divorce - The Phoenix Family Law News Blog

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How Financial Infidelity Can Lead to Divorce

Financial expert Jean Chatzky and psychiatrist Gail Saltz recently discussed the issue of financial infidelity on The Today Show and how it can be destructive in a marriage. As reported by The Huffington Post, a study conducted by the National Endowment For Financial Education found that 58 percent of survey respondents conceal cash from their spouse. Thirty percent of spouses hide bills and 15 percent hide bank accounts.

People may have various reasons for hiding their money from a spouse, but studies show that financial infidelity generally has a negative impact on relationships. National Endowment For Financial Education found that 16 percent of marriages end because one or both spouses hide their finances from one another.

"Marriage is all about negotiation, compromise, trust, and not deceiving each other" Saltz said on The Today Show. "I think when financial deception does go on, it [points to] a bigger layer of deception underneath."

Financial infidelity can especially be a problem in a marriage during such tough economic times when many people are struggling with debt. According to Divorce360.com, about one in every four adults call financial infidelity worse than sexual infidelity. Perhaps this is because hiding money or debt can lead to economic stress in addition to an emotional stress.

If a couple decides to go through with a divorce because of financial infidelity, both parties might be happy to know that finances become separate after a judge issues a divorce decree. Both parties are required to disclose all debts and assets when going through the process of dividing property.

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