Survey Indicates Financial Dishonesty Common Among Married People

There are many reasons why a marriage might fall apart, but many causes of divorce share the common theme of dishonesty. Trust in a marriage is important, and dishonesty can deeply damage the trust shared between spouses. A new survey by Forbes.com and the National Endowment for Financial Education has found that dishonesty about finances is becoming increasingly common among married people, with more than 30 percent of respondents indicating some form of “financial infidelity.”

The survey question 2,019 adult respondents and found that 31 percent of American couples who have combined finances were not always truthful about financial issues. The most common financial lie involved hiding cash or assets, followed by hiding a minor purchase, hiding a bill, hiding a major purchase, hiding a bank account and distorting debt or earnings.

When it occurred, the effects of financial dishonesty were very pronounced. Of those respondents who indicated they had experienced financial dishonesty in their marriage, 16 percent said the dishonesty led to a divorce, 11 percent said it caused a separation, 67 percent said it led to an argument and 42 percent believed it lead to a loss of trust in a relationship.

When divorce does result from financial dishonesty, marital property division will often be an important contested aspect of the divorce. In order to have a fair division of marital assets, it is important to have a clear picture of a family’s financial situation. Having a clear understanding of the marital debts and assets can be complicated when a spouse is hiding assets. Experienced divorce attorneys understand the importance of a thorough investigation into marital assets and will often collaborate with financial professionals, including forensic accountants, when it appears one spouse may be concealing marital property.

Source: Reuters, “Three in 10 Americans commit financial infidelity?,” Daniel Trotta, 1/13/2011