Several studies have determined the most common causes of divorce, with some of those being constant arguing, lack of commitment and infidelity. When individuals hear the term “infidelity,” they usually think of an extramarital affair.
However, that is not the only form of infidelity that married couples face nowadays.
Rising concern over financial infidelity
According to a 2019 report by NBC News, nearly 15 million adults in the U.S. admit to hiding financial matters from their significant other, including:
- Large purchases
- Credit cards
- Bank accounts
It is one thing if spouses agree to keep certain finances separate – which many more couples are deciding to do. Financial infidelity is the deliberate choice to hide financial habits or information from one’s spouse, which often leads an individual to lie to their spouse.
There are a few reasons financial infidelity occurs. For example, some spouses might try to hide a serious gambling addiction, shopping habit or debt. In other cases, the reasons might be more malicious.
Regardless of the circumstances, financial infidelity seems to be an increasing trend that could impact anyone, no matter their income.
What if spouses face a divorce?
In some cases, financial infidelity could lead to a divorce. The NBC report found that many people actually viewed financial infidelity as worse than physical cheating. It is a significant loss of trust in a relationship that can influence the breakdown of a marriage.
Whether or not financial infidelity is a factor in the divorce or not, Kentuckians facing a divorce should do two things:
- Ensure they have a general understanding of their spouse’s financial habits and finances.
- Look out for the common warning signs of financial infidelity, especially if they are facing a divorce.
This is critical to ensure fairness in the equitable distribution of marital property during a divorce.