Financial Infidelity And Divorce
A new study released by a market survey firm may be of interest to married couples in New Jersey. It showed that about 10 percent of those responding confessed that hiding credit card purchases contributed to the break-up of their marriage. While some people think that spending money behind their spouse’s back should not affect their relationship, the study shows that unchecked buying can actually lead to divorce.
More than one-third of the 1,000 men and women surveyed admitted lying about their spending because they knew their partner would be upset about it, while 36% of the respondents said that they hid what they bought because of the possible negative reaction from their spouse. Almost the same number of people admitted they used their credit card for basic household expenses as they did for impulse items. The study also showed that women were about 60 percent more likely to hide a credit card bill from their spouse and feel guilty when they did so, while men spent more on average.
Other surveys have also found a connection between the ending of a marriage and financial disagreements. In July 2013, researchers at Kansas State University found that the top predictor of divorce is arguing about money. An earlier study by the National Endowment for Financial Education found that financial infidelity negatively affects relationships 68 percent of the time and results in 16 percent of marriage break-ups.
A person contemplating a divorce, whether for financial or other reasons, may wish to speak with an attorney who has experience in family law. The attorney may be able to help negotiate and prepare agreements relating to property division and spousal support.
Source: Huffington Post, “Secret Credit Card Spending And Divorce Linked In New Survey“, October 14, 2013