There are a variety of reasons people decide to seek a divorce. Financial problems are common precursors that lead to divorces and many financial issues can remain or grow worse after the divorce. Almost everyone faces financial problems from time to time, but when it comes to financial infidelity, most spouses find it difficult to forgive their partners. If you have questions or concerns about financial infidelity or divorce, consider talking to a Tennessee family law lawyer to see what your options are.
What is Financial Infidelity?
started gaining recognition after the story of Ann and Ed Coambs went viral. Long story short, at one point during the marriage, Ann found out that Ed had been taking out debt for at least a year. She was shocked to find out that her husband was hiding this from her the whole time.
Looking at other incidents, financial infidelity is common in at least 41 percent of marriages in the United States. Many people claim that financial infidelity is on the rise. This kind of behavior tends to create distrust between each partner and can lead to additional problems later in the marriage. Trust plays a large role in stable and healthy relationships.
Some marriage partners have been known to hide addictive gambling or excessive shopping from partners, but accumulating debt behind your partner’s back is at a different level. Thankfully, things seemed to have worked out between Ed and Ann after he came clean to his wife. However, the same may not always be true for other couples who find themselves in this situation.
Financial Problems and Divorce
Low commitment, infidelity, and repeated conflicts are some of the most common . Financial problems make up around 37% of divorce reasons and about 56 percent of partners cite problems with money as a primary factor that led
to the decision to seek divorce. Others say that financial problems built up additional stress on top of other things that were going wrong within the marriage.
Financial infidelity that builds up a lot of debt can certainly create serious concerns about finances. This can lead spouses to argue and worry about how they are going to escape the debt, especially if they have other financial problems going on. For couples with low income, finding out that your partner was secretly accumulating debt behind your back can be both terrifying and hurtful.
Knowing that the person you trusted for so long could hide something that serious from you can be devastating. If you are considering divorce because of serious financial concerns or are experiencing other problems like child custody, try talking to a lawyer who can help you figure out what the next step is.