Financial Infidelity: A Growing Concern For Spouses in Los Angeles, California
At the Land Legal Group, our Los Angeles, California divorce attorney has represented all types of spousal support attorney Los Angeles who have chosen to end their marriages for various reasons. Whether it is simply time to move on, or if a significant event drove them to the decision, California is a no-fault divorce state, so the reason for divorcing can simply be recorded as “irreconcilable differences.”
While the Los Angeles County courts may not require an exact reason to file for divorce, our experienced lawyer has noticed a marked uptick in spouses who have growing concerns over financial infidelity in their marriages. And from a legal standpoint, their concerns are warranted.
What Is Financial Infidelity?
Just like the common definition of infidelity, meaning unfaithful, financial infidelity is the act of lying about money to your spouse. This can happen in many ways, including opening credit cards or accounts without his or her knowledge, making and hiding purchases to avoid an argument, or concealing part of their income to create a separate personal financial fund.
According to the National Endowment for Financial Education, approximately two in five respondents to a 2016 survey said they have lied about money or hidden financial details from a spouse or partner.
Do I Have To Tell My Spouse or Partner About All of My Expenditures?
Sharing financial details with a spouse or partner is incredibly important when you share finances. If you have agreed to a household budget, and both party’s income is integral to its success, then your spouse or partner is trusting you to stay within those guidelines.
From a practical standpoint, relationships are designed to be open, trusted, and honest commitments. Lying about money is a quick way to injure the relationship at its core.
Financial Infidelity Can Lead To Arguments, Loss of Trust & Resentment
It is no surprise that one of the leading causes of stress in relationships is money. Household expenses are often split between couples who share the financial responsibilities, and while that is completely fair, so is full financial disclosure.
When one person is hiding a financial secret, whether it is a student loan s/he never mentioned having, or credit card debt that is eating away at their livelihood, it can lead to incredible arguments, loss of trust, and resentment that can jeopardize the strength of the relationship.
It can also mean there is a deeper underlying problem in the marriage, which could include a compulsion – like gambling or drug addiction – or an affair.
Does My Spouse’s Financial Infidelity Affect My Financial Standing?
Yes. And, quite honestly, that is why it is considered a form of marital cheating. Marital debt is any debt incurred by either spouse during the marriage to the date of separation.
Should you decide to dissolve the marriage at some point, only to discover that your spouse has hidden $40,000 in credit card debt, that debt could become yours too.
If you are concerned about financial infidelity, contact our accomplished Los Angeles, California divorce attorney at the Land Legal Group today by calling (310) 552-3500 to schedule a free initial consultation. Our experienced lawyer can provide the guidance you need to get to the bottom of your financial circumstances, so you can make an informed decision about your relationship going forward.