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.
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 firstname.lastname@example.org.
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.
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