Wednesday, February 13, 2019

What is Financial Infidelity?

By: Alicia M. Bianchi

A recent CNBC article entitled "1 in 5 Americans living with a partner are hiding a bank account or credit card" addresses the impact of financial infidelity on relationships. Almost 20% of those surveyed said that hiding a bank account or credit card, especially when it comes to overspending, is akin to physical infidelity. 

A common occurrence in every divorce case is discovery - exchanging financial and other information with the other spouse to determine the whole of the marital estate. Assets and debts do not stay secret for very long and disclosure of the secreted debts and assets may cause a fairly amicable matter to shift course. Having open conversations about finances, spending, and accounts can be helpful, even if a divorce is pending.

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