Financial challenges are common sources of friction for couples, and Texas residents might not be surprised to learn that this is a leading cause of divorce. Financial infidelity is one of many issues that can contribute to marital friction, as partners often use various strategies to hide their spending from spouses. In fact, a recent study indicated that arguing about money is a leading factor that may predict divorce.
Financial secrets are often used to avoid disputes over money issues. For example, 6 percent of participants in a recent survey indicated that they have at least one bank account that is hidden from a spouse. An estimated 20 percent of spouses feel that spending up to $500 without consulting their partners is acceptable. In addition to hiding bank accounts, individuals often accumulate cash through ATM transactions over time. They may use gift cards to spend on their needs and interests as well. More than half of men participating in the study indicated that they tend to hide or destroy receipts to avoid financial conflicts.
A lack of financial priorities can make spending a point of contention. Similarly, differing views on how extra money should be spent can create conflict. While one partner might be concerned about a college fund for the kids, the other might be interested in having newer vehicles. In some cases, financial counseling could help with working through these differences. In other instances, the differences could result in the end of a marriage.
Hidden debt could be a serious concern as a divorce action begins. It is important for an individual who suspects hidden debt to obtain current credit reports to identify such liabilities. In some cases, a forensic accountant might be important for identifying hidden debt or assets. A divorce lawyer might help in coordinating any investigation needed to solidify information about these concerns.
