Protecting Your Assets: What is Financial Infidelity?
Protecting yourself.
What is Financial Infidelity?
Financial Infidelity is the misuse, mismanagement or misappropriation of marital assets and incomes during a marriage. Financial Infidelity can stem from many causes including:
- shame from a job loss
- extra-marital affairs
- addiction
- poor communication
- downright fraud.
What are the signs?
Clients have come to us suspecting their spouse of buying gifts or lavish trips for the mistress, frequenting strip clubs and major gambling losses. We have also had clients learn of their spouse’s transgressions only when they saw the poor condition of their family finances during divorce proceedings.
Regardless of the reason for the suspicion or the reason for the financial infidelity it can wreck marriages and the long term financial security of the victim. A recent Harris poll showed 42% of poll respondents have committed some form of financial deception. 39% hid a purchase, bank account, cash or a document of some type like a bill or credit card statement. 16% admitted to a lie about the amount of debt they had or the amount of money they earned. 25% of couples experiencing financial infidelity in the poll ultimately separated or divorced while 25% said it had no effect on their relationship.
Take care of yourself.
You owe it to yourself and your children to be diligent and engaged in the finances of your marriage if only to fight for what is left in a divorce. Read on for a detailed overview.
- Click here for a list of 20 questions we ask clients who suspect their spouse of financial infidelity.
- Click here for suggestions of first steps to take if you are concerned about financial infidelity.
- Click here for some real world examples of financial infidelity from our practice.
