Most people consider honesty an integral part of a healthy marriage. Whether a married couple pools all of their assets into joint accounts or each spouse retains separate financial accounts, both parties should expect an open dialogue about how they spend money.
Unfortunately, it seems that more and more couples today experience some form of financial infidelity with millennials leading the way in this sad trend.
The extent of financial infidelity
According to NPR, more than 40% of people admit to hiding an asset, hiding a debt account or otherwise lying about money to their partners. Interestingly, data indicates that millennial spouses may engage in some type of financial infidelity at a rate that far outpaces spouses in other age or generation groups.
Stashing assets before a divorce
A traditional form of financial infidelity involves hiding assets before filing for divorce. In this scenario, one spouse tries to salvage more money by preventing the need to split it during a divorce.
Opening debt accounts without telling a spouse
Some people might aim to address financial problems without telling the spouse as a means of not worrying that spouse. However, the secrecy around solo credit card or other debt accounts may snowball quickly. Some people do this to try and hide other activities.
Purchasing behavior changes
As The Simple Dollar explains, spouses should take note of any unusual change in their partners’ demeanor as it relates to money, saving and spending. When the person generally known as the saver starts spending and receiving a slew of package deliveries, the other person may wish to investigate further.