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How serious can financial infidelity be?

| Nov 3, 2020 | Family Law |

Infidelity in a marriage can lead to the irrevocable breakdown of the relationship. It may also be a sign of problems that may have existed for a long time.

However, people should know that infidelity does not always include a romantic relationship with a third party. Financial infidelity seems to be a growing problem according to information from CreditCards.com and the impact can be significant.

Hiding accounts or debts

As explained by NBC News, financial infidelity may involve hidden assets or hidden debts. Both have the power to cause dramatic problems for both spouses, including the person who knew nothing about the matters before things erupt.

Planning for a divorce

A spouse who plans to file for divorce knows that he or she may lose some assets during the divorce. In an attempt to minimize those losses, the spouse might start stashing away some money little by little in an account the other person knows nothing about. This is essentially a form of one spouse stealing from the other.

Racking up debt

In another form of financial infidelity, a spouse opens up one or more credit accounts and runs up debt that then both spouses may be on the hook to repay. Depending on the amount of debt incurred, it may take years for the unknowing spouse to be free from this problem.

This information is not intended to provide legal advice but is instead meant to give residents in Virginia an overview of the many forms that financial infidelity may take and how serious it may be for the unknowing spouse.