U is for Unfaithful Finances between Couples is a Real Thing

U is for Unfaithful Finances between Couples is a Real Thing

Financial infidelity

Money arguments between couples are nothing new.

Money is the ‘Number One’ cause of stress in relationships. Continually having financial arguments is a top predictor of divorce.

Have you ever purchased an item without your partner being aware? Or do you have a secret account to hide certain purchases from your partner? Many believe these small “white lies” help avoid conflict in relationships. I prefer to believe honesty is the best policy.

Unfortunately, according to CreditCards.com and its latest financial infidelity poll, 19 percent of U.S. adults in committed relationships (approximately 29 million people) are hiding a checking, savings, or credit card account from their partner.

Not just Money Matters

As a financial advisor, I would not promote withholding important financial information from your partner. This signals a lack of trust. Financial decisions made by one partner, impacts the other partner. We as a society know that honesty is critical for any relationship to work properly.

If one partner is hiding debt from the other, the truth is going to come to the light. When the truth comes out, it will likely have a major impact on the relationship in other areas not just money.

Financial Infidelity

The good news is that your partner is not engaging in a physical or emotional affair. You are experiencing what is called financial infidelity. Having any secrets exposed between a couple will likely break a trust that will take much work to fix.

If you find out your partner has been practicing financial infidelity, you will need to address the matter immediately with calm and reason. It may be best to seek counsel from a therapist. They can help you navigate the cause behind the financial infidelity and the proper course of action to take going forward. After you’ve established financial infidelity, seek advice from your financial advisor.

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