When most people thing of infidelity in a marriage, it often brings up personal issues. But what if you’re concerned that your spouse is dishonest in other ways?
What is Financial Infidelity?
Financial Infidelity is the misuse, mismanagement or misappropriation of marital assets and incomes during a marriage. Financial Infidelity can stem from many causes including:
- shame from a job loss
- extra-marital affairs
- addiction
- poor communication
- downright fraud.
What are the signs?
In some cases, there is suspicion of a spouse buying gifts or lavish trips because of an extra-marital affair or frequenting strip clubs…maybe even incurring major gambling losses. Unfortunately, some clients learn of their spouse’s transgressions only when they see the poor condition of their family finances during divorce proceedings.
Regardless of the reason for the suspicion or the reason for the financial infidelity, it can wreck marriages and the long-term confidence of the victim. A Harris poll (https://nefe.org/Press-Room/News/Americans-Confess-to-Financial-Infidelity) showed 42% of poll respondents have committed some form of financial deception. 39% hid a purchase, bank account, cash or a document of some type like a bill or credit card statement. 16% admitted to a lie about the amount of debt they had or the amount of money they earned. 25% of couples experiencing financial infidelity in the poll ultimately separated or divorced while 25% said it had no effect on their relationship.
Take care of yourself.
You owe it to yourself and your children to be diligent and engaged in the finances of your marriage if only to fight for what is left in a divorce. Read on for a detailed overview.
- Click here for a list of 20 questions we ask clients who suspect their spouse of financial infidelity.
- Click here for suggestions of first steps to take if you are concerned about financial infidelity.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.
Lou Falvo is a Certified Divorce Financial Analyst® and CIMA® (Certified Investment Management Analyst) who assists clients by evaluating the tax and financial aspects of divorce. Lou is dedicated to reducing the burden of each client by thoroughly examining the financial elements of the client’s divorce, with a keen focus on what is in his or her best interests. Contact Lou to find out how he can assist you with your divorce proceedings at lfalvo@crossroadsdivorce.com or (585) 542-2382.