Many couples in Texas struggle with their finances. When spouses are not honest with each other about these problems, the result can often be divorce. According to a Kansas State University study, couples that argue over money early in their relationship are more likely to get divorced later on.
A lot of money-related arguments between spouses revolve around one spouse’s ‘stealth spending” or ‘financial infidelity.” A study by creditcards.com determined that one in five couples believe that it is OK to make $500 purchases on the sly. The study also found that 6 percent of spouses admitted to keeping a hidden bank account that their spouse doesn’t know about. Another study found that 64 percent of men destroy receipts or hide things that they purchase in order to avoid fights with their spouse.
Some stealth spenders will attempt to avoid confrontation about their spending habits by hoarding gift cards or making lots of small ATM withdrawals over a long period of time. Financial infidelity could eventually result in major budget problems that could cause stress in a marriage. Although spouses usually engage in financial infidelity because they want to avoid conflict, not being open about financial information can actually result in bigger conflicts that eventually lead to divorce.
Some people do not become aware of the full extent of their spouse’s financial infidelity until the end of their marriage. During a divorce, a spouse may discover a huge amount of credit card debt or a bank account that they never knew existed. A lawyer may be able to help a person in a situation like this to investigate their spouse’s financial information so that the judge will have all relevant information during property division proceedings.