Finding out that your spouse had an affair can be devastating and have you thinking about divorce. Cheating has been ending marriages practically since marriage was invented. But another type of infidelity exists that figures into fewer soap opera plots but can be just as destructive to a marriage.
We’re talking about financial infidelity, or deceiving your spouse about money. This can range from buying something expensive without telling your spouse to exaggerating your income or failing to tell them about a substantial debt. Financial infidelity is more than a betrayal of your trust or a form of abuse. It can also put your family in serious fiscal jeopardy. For example, you and your spouse could apply for credit for a mortgage or business loan, only to get turned down because of an unpaid $30,000 loan in your spouse’s name that they never told you about.
Financial infidelity is, unfortunately, quite common. A survey conducted by U.S. News and World Report (as reported by The Guardian) from early 2023 revealed that 31 percent of married people had either lied about a purchase or been lied to. Another 28 percent said they or their spouse had hidden debts, and 23 percent acknowledged dishonesty about income from themselves or their spouse. Assuming this survey is accurate, it means millions of Americans have committed financial infidelity or been the victim of it.
When fighting over money leads to divorce
It’s no surprise that lies about money are a common issue in divorce, though it’s unclear how often it’s the primary motivation. Financial stress in general can lead to divorce. Then the spouses will often fight over money and property during the divorce process. The best way to minimize strife and walk away with an acceptable share of the marital property is to work with an experienced New York divorce lawyer.