When hiding money means a breach of marital trust

Many Americans fall in love and get married, trusting in "happily ever after" to make things work. Unfortunately, not too long after the wedding, reality usually sets in. Along with it comes the financial difficulties that most married couples tend to face. In fact, fights about money are by far one of the top predictors of divorce, with a survey indicating "money" as the third leading cause after "infidelity" and "basic incompatibility."

Perhaps worse than arguing about money, though, are statistics showing the likelihood of married couples going so far as to hide money from each other. Study results indicate that the more a couple argues about finances, the more likely they are to be hiding spending habits or even assets from each other. This, in turn, raises the couple's likelihood of divorce. Could this apparently all-too-common issue be destroying your marriage from the inside out?

Financial infidelity

A report released by CreditCards.com showed some unsettling statistics when it came to people hiding financial information from their spouses:

  • 26 percent of men have spent more than $500 without their partner's knowledge
  • 14 percent of women have spent more than $500 without their partner's knowledge
  • Over 4 million men have a personal bank account or credit card hidden from their significant other
  • Almost 3 million women have a personal bank account or credit card hidden from their significant other

What this could mean for your marriage

These numbers are no small matter when it comes to both your finances and your relationship. Whenever there are secrets, even about money, there's always a possibility that a spouse is hiding other things. In fact, financial deception may be particularly hard to deal with in marriage because, not only might it indicate a larger underlying problem -- such as overspending or a gambling addiction -- but it is also likely to be seen as a betrayal or a breach of trust.

If you find yourself in a similar situation, it, unfortunately, could spell trouble for your marriage. Of those survey participants who reported that financial deception had affected their relationships, 67 percent said the issue caused arguments, and 16 percent admitted that it eventually resulted in divorce.

Hidden assets during divorce

Given a history of your partner's hiding money or purchases, if you now find yourself facing divorce, it's not surprising that you may be wondering whether he or she is hiding assets to avoid splitting them with you during the property and asset division process. Because Kentucky is an equitable distribution state, the first step in asset division is creating a complete financial picture so that each ex-spouse will leave the marriage with a fair share of assets.

If you fear hidden assets during your divorce might be an issue, or even if you are just concerned about the complex calculations involved in an equitable distribution of money and property, the legal advice of a Kentucky family law attorney may prove invaluable.

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