Saturday, August 20, 2011

Financial Infidelity… 31% Report Being Dishonest About Money

When most people think of infidelity in a marriage, they immediately think of a cheating spouse. But did you know there is another form of infidelity in a marriage, that can be just as damaging? We're talking about financial infidelity � lying to one's spouse about money. Forbes just reported an interesting article on this. In a recent survey, one in three Americans (31%) who have combined their finances with their spouse, have admitted to lying about money. Among the crimes admitted to were hiding cash, minor and major purchases and bills, keeping secret bank accounts and lying about their debt and earnings.

These indiscretions can cause significant damage to relationships. Among couples impacted by financial infidelity, 67% said the deception led to an argument, 42% reported a loss of trust, and 16% said it led to divorce. "Betrayal regarding money can be just as painful and damaging as other kinds of cheating," says Tina Tessina, psychotherapist and author of Money, Sex and Kids: Stop Fighting about the Three Things That Can Ruin Your Marriage. When a partner is caught concealing huge amounts of debt or involved in money-related addictions, the result can be a "total loss of trust, feelings of betrayal and destruction of the relationship."

Wow. 31% is a pretty alarming statistic, we think. It's worth being aware of. If you suspect that your spouse has been lying to you about money we urge you to speak to them first. If that still does not settle your mind, we offer services in finding hidden assets, so you can give us a call for a consultation anytime.

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