Love and money tend to go hand in hand in the same sentence, but that doesn’t mean that there will always be harmony. Sometimes, they both hinge on disclosure, but also on what is not disclosed. In many cases, when two people are getting ready to tie the knot, one or the other will be quite evasive when the topic of finances come up. In other cases, one or other of the partner refuses to disclose their earnings, expenses or debts before the union. This financial infidelity is a set up for disaster or subsequent divorce.
While someone may consider infidelity to be one intended spouse caught kissing someone else in physical contact, financial infidelity involves the same deceit, only on a different platform such as hidden bank account or secretive mall purchases. This is one of the major things that can adversely affect a relationship. If one spouse finds out about the financial cheating before the actual marriage, the wedding could be called off. If you are in the process of getting married or already married and you are unsure of your partner’s weekly income, expenses or debt, this is room for a red flag.
According to a recent poll, there are thirteen million people in American that have secret bank accounts or credit card accounts, unknown to their partner. Approximately nineteen percent of these people have confessed that they have spent in excess of $500 or more on a huge ticketed item that they have not disclosed to their partner.
The Age Group
If you are one of these people committing financial infidelity and you are discovered, the other person will want to know if there is anything else that you are hiding. This is only natural. The individuals who would be the natural culprit to financial cheating are millennials between the ages of 18 and 30. People over the age of 65 tend to exhibit more transparency to each other.
Bad Financial Cheaters
Some individuals may not be good cheaters and not cautious about their secret and so they were easily found out, causing ongoing arguments about money and assets. To avoid this financial cheating, how are couples to make the change of being financially transparent? Below are several suggestions to consider, if you are in that group.
Both you and your spouse should share information about your credit reports and your financial statements. You should do this prior to the marriage and also prior to living under one roof. So, if there are any signs of late payments or unusually high debt, there will be clues.
Access to Accounts
When you get married, you don’t have to merge your accounts. You can keep the accounts separate, but each of you should be able to access each other’s accounts, sharing passwords and logins.
Set Ground Rules
You should be able to sit down and set some ground rules such as sharing with each other when you are going to make a major purchase between $200 and $600, for example. Once this is established between you, it will forge mutual trust and avoid the barrier and any urge to cheat financially.