Whether it's hiding the extra money you earn, keeping a secret bank account or hiding purchases from your spouse, so-called "financial infidelity" can take just as harsh a toll on a marriage.
Nevertheless, lying to a significant other about money runs rampant. Thirty-one percent of people who share finances with a partner say they've been deceptive about money, according to a recent survey by the National Endowment for Financial Education, or NEFE, a Denver, Colo.-based nonprofit. More than half of those respondents say they've hid cash or a minor purchase from their partner at some point. Even worse: 34% said they flat-out lied about debt or income.
So why do so many of us fib about our finances? Most people are afraid the, said Justin Reckers, a certified financial planner and divorce financial analyst.
In NEFE's survey, 16% of the respondents said their financial infidelity eventually resulted in divorce.Avoiding financial heartbreak
"If you are getting into an adult relationship, have an adult discussion about money," said Ted Beck, president and CEO of NEFE. "Setting some ground rules will avoid fights down the road." Even during these tough economic times, couples often spend more time picking out china patterns than they do talking about finances. According to NEFE, 14% of couples who were recently married or are getting married soon don't even discuss money before tying the knot.
Quiz: Are you financially compatible with your spouse?
As her wedding date approached, Kim Halsey said her fiancee was reluctant to talk about his financial history, so she asked to see his credit report. "We'd ordered the cake, the dress and the invitations had just gone out," she said.But when he refused to disclose any information about his past financial life, Halsey called off the wedding. "I broke an engagement because he had financial secrets and he just wouldn't come clean
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