Money arguments between couples are nothing new.

Money is the ‘Number One’ cause of stress in relationships. And continually having financial arguments is a top predictor of divorce. Finances can easily cause stress on a relationship. But, if one part of a couple is being unfaithful with their finances, it can signal a more serious problem within the relationship.

Have you ever purchased an item without your partner being aware? Or do you have a secret account to hide certain purchases from your partner? Many believe these small “white lies” help avoid conflict in relationships. But I prefer to believe honesty is the best policy.

Unfortunately, according to CreditCards.com and its latest financial infidelity poll, 19 percent of U.S. adults in committed relationships are dishonest about their finances. This means, approximately 29 million people are hiding a checking, savings, or credit card account from their partner.

Not just Money Matters

As a financial advisor, I would not promote withholding important financial information from your partner. This signals a lack of trust. Financial decisions made by one partner, impact the other partner. And we as a society know that honesty is critical for any relationship to work properly.

If one partner is hiding debt from the other, the truth is going to come to the light. When the truth comes out, it will likely have a major impact on the relationship in other areas not just money.

Financial Infidelity

The good news is that your partner is not engaging in a physical or emotional affair. You are experiencing what is called financial infidelity. But having any secrets exposed between a couple will likely break a trust that will take much work to fix. Protecting yourself and your assets is one thing. But, withholding important information is infidelity. If financial infidelity is occurring in your relationship, it is important to find out sooner rather than later.

If you find out your partner has been practicing financial infidelity, you will need to address the matter immediately with calm and reason. Sometimes, it may be best to seek counsel from a therapist. They can help you navigate the cause behind the financial infidelity and the proper course of action to take going forward. So, after you’ve established financial infidelity, seek advice from your financial advisor.

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