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Study Shows How Financial Infidelity Can Impact Relationships

Posted by J. Benjamin Stevens | Oct 21, 2013 | 0 Comments

A recent article published on the Huffington Post confirmed what many people have already known: hiding purchases from your spouse can damage your marriage. According to a report, the damage caused by these secretive purchases is greater than many people realize and often contributes to the dissolution of a marriage.

A new report found that one in ten people said that hidden spending, often on credit cards, played a role in either their separation or divorce. This result confirmed numbers gathered by the National Endowment for Financial Education which found in 2011 that 68 percent of the time financial infidelity has a negative impact on the health of relationships. That group also determined that financial infidelity is responsible for 16 percent of all divorces.

Of those who engaged in the hidden spending, the largest group said they did so because they feared their partner would be angry with them. The next largest group polled said that they hid the money because they feared disapproval, not anger.

Though a common misconception is that this hidden spending revolves around frivolous items such as new clothes, shoes or unnecessary gadgets, the fact is many times people are hiding money used to cover important living expenses. Hidden transactions begin to occur in lots of cases where one partner is left to cover all the bills and starts to fall behind. Rather than come forward and reveal their trouble, they start shuffling money onto credit cards to pay bills and other monthly expenses.

The poll also found some interesting data about who is more likely to engage in hidden spending. According to results, women are 60 percent more likely to hide credit card expenses from their partners than men. However, men who hide money tend to spend more than women who do.

If you have hidden money or expenses from your spouse and fear the relationship has been damaged as a result, it may be time to consult an experienced South Carolina family law attorney. Though a split may not be imminent, it's always good to meet with an expert who can lay out your options should you decide to move forward with a South Carolina divorce.

The experienced attorneys at the Stevens Family Law Firm can help you resolve your family issues. Contact us today to request a consultation.

Source: “Secret Credit Card Spending And Divorce Linked In New Survey,” published

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J. Benjamin Stevens

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