As much as we think that love is all you need like the famous Beatles song, there are other things that a marriage requires in order to last. There are many ways that a married couples’ finances can lead to a divorce. Being honest and upfront with your partner about finances is a good way to limit these risks.
Most people find that it is uncomfortable to talk about finances early in a relationship or at all. As painful as it might be, the alternative can be much worse. What might start as an omission could turn into a trust or intimacy issue in a marriage.
A study run by the National Endowment for Financial Education and ForbesWoman exposed that nearly one in three Americans admit to lying about their finances to their spouses. It surveyed 2,019 adults between December 17th and 21st in 2010. The most prevalent money infidelity was hiding cash, minor purchases, and bills, at over 50%. About 10% to 15% of the cheaters also admitted to having secret bank accounts, hiding major purchases, and lying about their debt or earnings.
While on the surface this kind of cheating seems less disruptive to a marriage, the fallout can be almost as devastating. Another study by the website Couponcabin.com states that 45% of divorced or separated couples found financial secrets from their spouses. 16% of couples surveyed who were still married reported this type of discovery. There could be other issues for these marriages, but financial infidelity does not help.
Divorce is an option when a marriage erodes, but should be a last resort. If you have decided to make this change in your life, then don’t do it alone. Contact a knowledgeable divorce attorney who can assist you through the process of divorce.