When Financial Infidelity Rears Its Ugly Head
When Financial Infidelity Rears Its Ugly Head
Maurie Backman Mon, January 27, 2025 Moneywise
I found out my wife, 52, has more than $90K stashed in a secret savings account. What do I do now?
Money can be a point of contention in any marriage. And sometimes, the tension it creates can have big consequences. Roughly two-thirds of U.S. divorces happen to couples in their 20s, 30s and 40s, according to the American Psychological Association. But the rate of divorce among adults 50 and older doubled between 1990 and 2010. And as of 2019, 36% of U.S. divorces were among adults 50 and up.
Now there are various factors that can lead to divorce, but money tends to be a big contributor. And if you're in your 50s and just found out that your wife has been secretly hiding money in a savings account throughout your 20-year marriage, you may be experiencing a range of emotions, from anger to sadness.
You may also be wondering how to cope with the news — especially if you're talking about a large sum of money like $90,000.
But divorce isn't necessarily the answer. There may be ways you can salvage your marriage and move forward in a more open and honest fashion with one another.
When financial infidelity rears its ugly head
Financial infidelity can take on a lot of forms. For some couples, it can mean one person racking up scores of debt and keeping it a secret. In others, it can mean having a hidden savings account that isn't shared with a partner.
A recent study shows that more than 40% of U.S. adults who are married or live with a partner have kept a financial secret from their significant other.
This is consistent with a late 2021 survey by the National Endowment for Financial Education (NEFE) which found that 43% of U.S. adults have engaged in financial deception.
The most common type of financial infidelity identified was hiding specific purchases, bank accounts, statements or cash (39%), followed by racking up debt in secret or lying about money that was earned (21%).
How to cope with financial infidelity
Financial infidelity can be a tough thing to get over. The NEFE says that among couples who experienced it, 32% wound up with less trust in the relationship. And for 16%, it ultimately caused them to separate their finances or get divorced.
TO READ MORE: https://www.yahoo.com/finance/news/found-wife-52-more-90k-120500120.html