Arguing about money issues is one of the top reasons couples get divorced in North Carolina. Many spouses are hiding cash and spending habits from each other, a recent study shows. Financial infidelity is much more common than many people think.
About 6 percent of spouses have a hidden bank account the other spouse doesn’t know about, and about one in five people think it’s okay to spend $500 without telling their spouse. Researchers phoned 843 people about their financial situation in their marriage to gather the data.
Another study found that one out of 10 married people feel that their spouse is a financial bully who controls the finances in an unfair way. When one spouse feels that the other is controlling money in an unfair way, this often leads to them hiding cash and receipts to conceal spending habits and avoid an argument. Some spouses may also apply for credit cards that the other spouse doesn’t know about to conceal their spending.
However spending or saving is concealed, it is likely that it will be discovered in the future, which can cause arguments and impact the couple’s financial future. Experts agree that it is best for spouses to have open communication and transparency about their financial habits.
When couples are facing the end of a marriage, it is important for all assets and debts to be accurately accounted for so that they can be divided by a court in the event that the couple cannot otherwise agree. Spouses who hid debts or assets during a marriage may also be likely to hide this information during divorce proceedings. A family law attorney may be able to assist a divorcing client who is concerned about how hidden financial information may affect property division.