Divorce is growing faster among older couples in Indiana and the rest of the country. Many of these couples have been married for more than 20 years. One common reason for wanting a divorce is “financial infidelity,” the act of being untruthful with your spouse regarding money matters.
Financial infidelity statistics
Financial infidelity is a bigger problem than many people believe. For example, 85% of couples said that financial issues harmed their relationships, and 70% say they are the reason that they are getting divorced. About 42% of people said they had hidden some of their spending from their spouse, and 13% said they had lied to their spouse about the amount of money they were earning or were owed.
Signs of financial infidelity
Since many couples do all their banking online, hiding financial infidelity from a spouse is relatively easy. Yet, there are some telltale signs, including:
- Making large withdrawals of cash
- Writing significant checks written for cash
- Hiding income
- Concealing shopping and gambling expeditions
- Trying to eliminate a spouse from a joint account
- Arguing about money
- Doctoring or hiding financial documents
- Transferring assets to adult children
- Changing passwords to online financial information
- Concealing details of financial transactions
Steps to take if you suspect financial infidelity
If you suspect your spouse is financially irresponsible, closely monitor joint accounts. Obtain historical copies of your bank statements to determine when the problem started. Get credit reports from the three major credit bureaus. Try discussing the issue with your spouse after you have gathered as much evidence as possible.
Financial infidelity is the number one reason couples over 60 give for getting divorced. If you suspect your spouse, consider filing for divorce as soon as possible and allowing the courts to block the assets in your joint accounts.