Do you suspect that your husband (or wife) is committing financial infidelity? A survey by Bankrate.com found that 39% of people who are married or living with a romantic partner have been financially unfaithful. That number is probably bigger than you expected. And it only includes the people who were willing to admit to financial infidelity. There could be more!
What is financial infidelity? It’s any lie or dishonesty about the money, but of course, some of the lies are more serious than others. It could include lying about purchases, making secret purchases, having a secret account, or using family funds for things like gambling or affairs.
Financial infidelity can be just as devastating as cheating with an affair partner.
Some of the key findings in the Bankrate survey include:
- 39% of U.S. adults who are married, in a civil partnership or living with a partner have kept a financial secret from their current partner. That includes 23% who are doing so now and another 30% who kept a secret previously.
- 52% of U.S. adults say financial cheating is at least as bad as physical cheating. Of those, 12% believe it’s even worse.
- 24% of people who have kept a financial secret from their current partner say financial cheating is worse than physical infidelity.
- Many couples still combine their finances: Among U.S. adults married or living with a partner, 43% combine all finances, 34% have at least some combined accounts and just 23% keep finances completely separate.
How do you protect yourself from financial infidelity? You start by taking a critical look at your family’s finances. A great place to begin is our resource, the Divorce Financial CHECKLIST. It helps you know the important financial documents you need to think about gathering in your divorce. It will set you on the right path toward knowing more about your family’s money.
