Marital infidelity used to be a simple concept: the husband becomes romantically entangled with someone other than his wife, or vice versa. With the advent of the Internet and social media, awareness of emotional affairs has become more prevalent as well.
Now, with Texas' economy struggling and financial pressures at an all-time high, financial infidelity is increasingly an issue.
What Is Financial Infidelity?
According to a report by Houston's KIAH-TV, financial infidelity occurs when one member of a couple lies to the other about spending habits. An American Express survey found that couples fight most about money - more than intimacy, children or in-laws - and those fights can have serious consequences.
Over 25 percent of the people responding to the American Express survey said they had misrepresented the cost of an item to their spouse; over 30 percent said they had hidden a purchase from their spouse.
An ongoing pattern of such behavior could lead the other spouse to feel betrayed, causing feelings of deep mistrust in the relationship.
Talk About Your Budget
Money is at the root of much marital discord. It is reasonable to surmise, then, that couples with a solid financial plan and open dialogue are more likely to have a harmonious relationship.
Couples should sit down together to outline a financial plan. It is ideal to do this before getting married, but after the marriage will suffice. Couples should examine their financial goals: What do they want to save for? How important is a new car versus their child's education? Is it more important to invest in a ranch or improve the current home?
Once the couple's philosophy and goals are laid out, it will be easier to devise a plan for how to accomplish the goals. It will also be easier to agree on what spending should be avoided, especially in terms of large purchases.
Be Aware of Marital Debt, Especially if You Are Considering Divorce
If one spouse's out-of-control spending has irreparably damaged the marriage, or the spouses are no longer compatible financially (or otherwise), they may decide that it is time for a divorce.
In a community property state like Texas, often times marital property is equally divided upon divorce - but so is marital debt. If one spouse runs up debt without the other's knowledge, this does not mean that the unknowing spouse is not liable for the debt.
It is important in such a situation to speak with an experienced Texas family law attorney. The attorney may use sophisticated financial investigatory techniques to discover whether one of the spouses has hidden assets. Sometimes an attorney will use a forensic computer expert to look at online purchases.
Finally, an attorney may be able to draw up a post-marital agreement that will allow the spouses to determine how their assets and debts should be divided. This will help the spouses avoid litigation, which can be costly and emotionally draining.
Financial infidelity's impact is just being realized. Take steps now to protect yourself from the legal, financial and emotional distress that it can produce.
