The hack of Ashley Madison’s website several months ago revealed more about extra-marital affairs than the participants surely wanted. But there are far-less-obvious forms of infidelity that also can be damaging to a relationship; one of which is financial infidelity. The Pennsylvania Institute of Certified Public Accountants advises you on how to identify the causes of financial infidelity and how to prevent it in your relationship.
What is financial infidelity?
Financial infidelity is the violation of an assumed or stated contract between couples about spending, saving, and investing. Some of the more obvious examples of financial infidelity are accumulating credit card debt, withdrawing assets from a joint account, or excessive gambling—all while keeping them a secret from a partner. Less-obvious examples include making risky investment decisions without consulting a partner, or even hiding expensive purchases from a spouse because he or she may disapprove.
Sometimes the intention is not so much to deceive, but perhaps keep the peace at home. To avoid financial infidelity there must be sufficient transparency via open and honest communication about the financial decisions that impact your relationship.