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Financial secrets often lead to marital trouble

It might not be shocking how often infidelity occurs in marriages, but some Colorado residents might be surprised to know the kind of infidelity that is most damaging often deal with finances. Money problems are one of the biggest reasons couples divorce, and some spouses try to avoid fights about money by hiding financial information from their partners.

One study found that one couple out of five is ok with a partner spending $500 without telling the other party while 6 percent of spouses may have bank accounts that the other spouse does not know about. In addition to having secret bank accounts or credit cards, one spouse might accumulate cash over time from ATM withdrawals to make purchases with. One survey reported in the Wall Street Journal found that 64 percent of men admitted to hiding purchases and ripping up receipts to avoid disputes about money.

Avoiding conflict by keeping secrets only delays a confrontation and can make things worse, but some partners withhold financial information because they think their spouses are too controlling about money. One out of 10 spouses feel that they are married to a financial bully who is not fair about the budget. Talking about financial issues and the reasons a spouse hides spending can often be difficult but may be necessary to maintaining a marriage, and couples might want to meet with a credit counselor who helps spouses talk about debts and financial problems.

When a couple decides to dissolve a marriage, honest communication about money is still important to reach a fair settlement agreement. The divorce process often drags on when one spouse is suspected of lying or hiding assets, and it is best that both parties have an understanding of the joint assets and debts that they need to divide. An attorney can be of assistance to a divorcing spouse in this regard.

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Cooper, Tanis & Armas, P.C.
42 Garden Center
Broomfield, CO 80020