Tag Archive for: Financial Infidelity

California Divorce Myths

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Everyone has a friend or family member who has been divorced. Many will have heard horror stories or received tips about what they should do or what they should expect. I have heard “Mom always gets the kids” and “I earned the pension so it’s mine” People also make up there own expectations like “I made all the money, so I’ll get all the assets” or “I’ll get half of everything”. Here is a list of the top 11 Divorce Financial Planning Myths that come to my mind.

 

1. “I made all the money, so I’ll get the assets”
2. “Dad has to pay for college”
3. “Mom always gets the kids”
4. “Child support will take care of us”
5. “My spouse charged up the credit cards- they are not my debts”
6. “I’ll always get spousal support”
7. “We have small kids, so Mom gets the house”
8. “I earned the pension so it is mine”
9. “The courts will take care of me”
10. “I’ll get half of everything”
11. “We have no fault divorce in California so it must be easy”

Financial Infidelity: Catching a Cheating Spouse

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Lying about money can take a harsh toll on a marriage.

I was interviewed for this CNN Money story a few weeks ago. Unfortunately they did not include any of the really great examples I shared from my practice. Instead the author zeroed in on my comments about why financial infidelity is so prevalent and my suggestions for helping couples have the conversations that will avoid it in the first place. Read the rest of the article at CNNMoney.com and check out my previous post on Financial Infidelity.

 

Financial Infidelity Survey

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A non-profit organization, CESI Debt Solutions, recently completed a survey of more than 200 American consumers. The survey revealed some interesting facts about how couples manage their finances in a marriage and revealed frequent financial infidelity.

According to the survey 80% of couples have at least one member who spends money their spouse does not know about. Almost 20% of married individuals have a credit card with a balance unknown to their spouse. 38% of those with secret spending habits and credit card balances worry their spouse would consider divorce if they ever learned of the Financial Infidelity.

Clothing and Accessories top the list of secret purchases with 35% of respondents reporting they buy purses, clothing, shoes, jewelry, etc.. in secret.

When asked why the spending was kept secret, the overwhelming majority said it was to avoid problems at home.

Access the full Press Release here https://www.cesidebtsolutions.org/downloads/marriageanddebt.pdf