Divorce at any age is not a pleasant experience. However, if you divorce later in life, you may face even more complex issues. One of them may be the potential to be charged with financial infidelity. Being transparent about your finances can help you avoid divorce complications that could impact your post-divorce financial recovery.
Don’t be dishonest about your income
Getting all of your financial affairs in order is a must at any time. But it becomes even more crucial when you are planning to divorce your spouse. Financial infidelity is the last thing you want to be charged with by your ex-partner. If found liable, your future income can be negatively affected for years.
This type of infidelity hits hard regarding stability within your marriage. The harm it does can also extend to after your relationship officially ends. For example, the damage that you sustain from a financial point of view can translate into years of emotional upheaval. You may well experience trust issues that torpedo your future relationships.
Financial infidelity is more common than you think
It’s important to note that financial infidelity is not a trend that is limited to members of a particular age group. Experts have shown that it can occur at any time in a marriage, whether old or new. It can be practiced by either spouse regardless of gender or financial status.
A recent survey revealed that over 85 percent of married couples have experienced some form of harmful financial deception. This has been the cause of many failed marriages over the past decade. Such infidelity can be particularly harmful if you own a business or medical practice.
Typical forms of financial infidelity can range from hiding receipts to secretly withdrawing funds from your savings account. It can also cover such issues as hiding the fact that you received a raise or bonus. Regardless of the exact type, this issue can lead to serious repercussions.