6 Warning Signs of Financial InfidelityIf you have ever lied about money to your spouse, then you are guilty of financial infidelity. Yes, it's cheating, and it can have the same impact on a relationship as sexual infidelity, since both are a breach of trust.
What is financial infidelity? It occurs when one person in a marriage or relationship hides assets or debts or commits other acts in secret that are detrimental to the couple's joint finances, Lili Vasileff, founder of Divorce & Money Matters LLC, a divorce financial planning firm in Greenwich, Connecticut, explained to Bankrate.com.
Specifically, acts of financial infidelity include excessive spending, buying or mortgaging personal property, lending to or borrowing from family, friends or a retirement account, making risky investments or starting an ill-conceived small business--without the other person's knowledge and consent.
And it's serious. Financial infidelity isn't just a little white lie; it's a common cause of divorce.
Here are six warning signs of financial infidelity, according to Bankrate.com:
2. You're cut off from a joint credit card.
3. You see no activity by your partner on a card you normally both use.
4. You receive statements in the mail from a financial company you've never heard of.
5. Your partner intercepts bills and statements and prevents you from seeing them.
6. Cash is missing or unaccounted for.
Money can be a difficult topic to discuss, but couples in open and honest relationships have open and honest discussions about income, debt and planning for their financial future--no matter how hard it is.
"You need to be willing to be financially naked with the other person," Gail Cunningham, spokeswoman at the National Foundation for Credit Counseling, a nonprofit credit counseling organization in Washington, D.C., tells Bankrate.com.
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