Tips to Help Protect your Marriage from Financial Infidelity by Kathleen Marteney, CRPC

If you think that the only form of cheating in a marriage happens in the bedroom, you would be wrong. In fact, a growing number of marriages are suffering the damaging effects of financial infidelity in which a spouse intentionally lies about and/or hides assets or other financial information from his or her betrothed. Both are examples of betrayals that signal larger marital issues and could easily lead to divorce.

While it is not uncommon for married couples to maintain separate bank accounts, both spouses should agree to be forthright and share relevant information about their individual assets, earnings and debt in order to preserve their marital trust and mutually agreed upon financial goals. For example, consider what could happen to a couple saving for the purchase of a new home when one or both spouses cannot control their spending and they keep their purchases a secret from the other. What if one spouse keeps a bad credit history or significant debt hidden from the other? Each of these scenarios could jeopardize a couple’s ability to achieve their financial goals and result in irreparable harm to their union.

Discussions about marital finances can be difficult and argumentative. However, couples might consider the following guidelines to help them establish financial fidelity from the onset and maintain it far into the future of their wedded bliss.

• Be transparent and share details about credit scores, financial obligations, business interests, estate documents and spending habits.
• Work together to establish short-term and long-term financial goals and be prepared to compromise.
• Establish a budget based on current earnings and expenses with an eye on shared financial goals for the future.
• Set a dollar amount that each spouse will need to agree to before the other makes a big purchase. The amount could be as small as $100 or as large as $5,000 or more.
• Share account information so that one partner may access the other’s accounts in the event of an emergency.
• Look at the big picture. While a couple may have different spending habits, it does not mean their marriage is doomed.
• Consider the benefits of a prenuptial agreement before walking down the aisle.
• Seek the advice of a qualified financial advisor who can begin a dialogue about financial fidelity and guide a couple to help make the right decisions that meet their particular needs and goals.

About the Author: Kathleen Marteney, CRPC, is a financial planner with Provenance Wealth Advisors, an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors and Accountants, and a registered representative with Raymond James Financial Services. She can be reached at 800-737-8804 or via email at info@provwealth.com.

Provenance Wealth Advisors, 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.

Kathleen Montgomery is a registered representative of and offers securities through Raymond James Financial Services, Inc., Member FINRA/SIPC.

 Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors and Accountants. PWA is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors.

 This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the advisors of PWA and not necessarily those of Raymond James. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.