Infidelity is one of the top causes that people file for divorce. Obviously, romantic or sexual infidelity can completely destroy the loving trust between spouses. However, an outside relationship is not necessary for a situation to constitute infidelity.
Financial infidelity is quite common and has damaging implications for marital relationships. It involves intentionally lying about or misrepresenting financial circumstances to a spouse. Financial infidelity has become one of the top issues plaguing modern marriages.
Why does lying about finances often lead to a divorce?
Trust is crucial for successful marriages
One of the main reasons that financial infidelity damages marital relationships is that it directly undermines the ability of one spouse to rely on the other. Someone who has learned that their partner under-reported their income or personal assets may start to suspect that their spouse entered the marriage without the intention of it lasting for life.
Those who discover huge hidden debts that their spouse brought into the marriage or accrued during the marriage may feel angry about the possible obligation to help pay those debts. When one spouse learns that the other has repeatedly lied about something as important to a marriage as finances, they may come to realize that they can no longer trust their spouse anymore.
Financial lies limit economic control
Another reason that people may feel compelled to leave a spouse who lies about finances is how their partner’s actions negatively impact their ability to control their own life and plan for the future. A spouse who has diminished the marital estate by under-reporting their income and hiding financial resources has deprived their spouse of a higher standard of living or a sense of security about the future.
Spouses who have hidden debts may undermine retirement plans and put valuable assets at risk. Those who can no longer trust their spouse to do what is best for the family may eventually reach the difficult decision that divorce is their best option.
Those preparing to divorce because of financial infidelity often have a particularly complex process ahead of them. They may need to go over financial records with professional assistance to ensure that disclosures are accurate and thorough. They may also need help excluding certain debts from the marital estate or showing the court their spouse’s history of financial misrepresentation.
Preparing for a complex divorce impacted by a history of financial misrepresentation can be a challenging process. Spouses who acknowledge how financial lies can affect marriages and divorces alike can more effectively protect themselves from the misconduct of a spouse.