Shame plays a big role when it comes to financial infidelity. Sometimes finances just get out of hand and it is not uncommon to hide these debts and expenses from a partner. In fact, it’s estimated that about six million Americans are guilty of financial infidelity in some way, shape, or form, so if you’ve told a white lie about your spending or overspent on your credit card, trust me, you are far from alone.

But the problem with hiding financial information from your partner is that it can lead to marital and possibly legal problems down the line. Whether those issues escalate into something like divorce (financial reasons are one of the top reasons couples get divorced) or you’ll leave your partner in huge debt when you die, nothing beneficial can come from hiding your debts from them. debts to your partner.

a sticky location

I recently met with a client who just lost his wife. While the pain of losing his wife of many years was enough to cripple him, he got a double whammy when he realized his wife had been battling mountains of credit card debt for some time. . He knew nothing about these debts.

These debts were well hidden from him while his wife was alive. In this particular case, his late wife had opened several credit card accounts using their names. The reason he did this was because the credit card companies kept offering him more and more credit. The 6 month interest free offers were very tempting and she continued to take the bait. This quickly led the grieving husband to seek the advice of a bankruptcy attorney.

While I’m sure his wife had very good reasons for hiding the bills from him (she didn’t want to burden him with the truth), the fact that they had joint accounts meant that he was also responsible for the debt. While it can be difficult to discuss financial problems with your partner, not doing so can quickly lead to financial mess, emotional problems, and physical problems. I often wonder if the stress, fear, and guilt of dealing with this debt caused his death.

grounds for divorce

In some cases, committing financial infidelity can lead to divorce. The strain of debt can often be too much for a couple to bear, and sometimes these debts are upheld in court. If you are in financial trouble, be sure to speak with an experienced bankruptcy attorney today. Debt can feel like quicksand, but there are often ways to get out of it that allow you to see the light of day and breathe again. Remember, financial infidelity will cause you stress, fear, and guilt, which can cost you much more than a paycheck. Are you willing to pay that price?