LOUIS, Missouri. We often hear about sexual infidelity in the context of divorce. One partner goes out, has a secret relationship or sexual encounter, the other partner finds out, and the marriage ends. Yet, we don’t often talk about or consider the impact that financial infidelity has on couples and on marriages. During financial infidelity, one partner in the relationship may open secret credit card accounts, gamble away money without the other person’s knowledge, or may spend the person’s money without their permission. Because couples often share accounts in marriage, it can be difficult to know the limits and boundaries. While a sexual infidelity might play a tangential role in the divorce settlement, a financial infidelity can play a large role when couples consider how they’ll divide debts and assets.
First of all, what is financial infidelity? According to the Balance, financial infidelity occurs when a partner lies about debt, takes out credit cards in a marriage without telling the other partner, racks up gambling debts without disclosing the debt, or uses finances to manipulate the other partner. Financial infidelity can ruin your credit score if you are married. The debts your partner has can hurt you as well. Couples might struggle to own a home or buy a new car if a person’s financial infidelity messed up the couple’s finances. To make matters more complicated, if you do choose to divorce your financially unfaithful spouse, it can be difficult to discern whose debts are whose, especially if you and your partner share a bank account.
According to the New York Times’s Dear Sugars, financial infidelity should be handled like any other infidelity. In order for a marriage to survive it, the responsible spouse must be willing to account for his or her actions and make steps to change. Marriage counseling might also be considered.
So, what can you do if you are planning to divorce a financially unfaithful spouse? You might want to speak to a qualified divorce lawyer like the Behrens Law Firm, L.L.C. in St. Louis, Missouri. For example, determining whose debt is whose in the marriage, especially if debt was acquired without your knowledge, may require the assistance of a forensic accountant. Before you divide your accounts with your spouse or claim responsibility over any debts, you’ll want to speak to a qualified divorce attorney. If you share credit cards, you may want to put a freeze on cards that are in both your names, to prevent further spending or to stop your spouse from racking up debt in your name. However, you’ll still need to continue to pay debts in both your names. During the divorce proceedings an attorney can help you decide how debts should be divided.
If you’ve suffered financial infidelity, you may want to take action now, rather than later to protect yourself and your pocketbook. Visit the divorce lawyers at https://ffa.963.myftpupload.com/ to learn more about steps you can take if you are currently married to a financially unfaithful spouse.
Behrens Law Firm, LLC.
75 W Lockwood Ave #222,
Webster Groves, MO 63119