Infidelity is a common theme among couples going through a divorce in Connecticut. While most people tend to think of infidelity as sexual, financial infidelity can have more far-reaching consequences. How do you protect yourself from a spouse who isn’t truthful about finances?
Older couples are especially vulnerable to financial infidelity
Many people think that the older they are, the more difficult it is to hide financial infidelity. However, a recent study indicated that the rates of financial infidelity among youngest and older couples leading to divorce are relatively the same. Deception is at the core of financial infidelity. It’s a set of secretive and purposely acts of spending money, holding funds, borrowing money, incurring debt or otherwise engaging in financial dealing unbeknownst to one’s spouse. It can also include one spouse making unilateral financial decisions without the other spouse’s knowledge, negatively affecting the relationship.
The problem is small in the beginning
Financial infidelity usually begins in a small way and is usually a symptom of something bigger. Personality traits, low level of consciousness or power imbalances in a relationship can contribute to it. It’s also more common than you think, with up to 85% of couples saying some form of financial infidelity affected their relationship.
Financial infidelity can affect property distribution
Financial infidelity can ultimately affect your divorce agreement, as you may not have the assets that you thought you had. It can also add to the stress of an already tentative situation. If you believe that your spouse continues to deceive you financially, it may be in your best interests to protect yourself before the divorce is finalized. Working with a financial planner is one way to help protect your assets and plan for your financial situation after the decree is signed.
Sometimes financial infidelity becomes apparent once couples are well into the divorce process. In these cases, you may have to change course and fight differently for your rights and those of your children. Divorce agreements can be changed after the final decrees if you prove that financial deception may have occurred.