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Study reveals 6 percent of spouses hide money

Trust is the backbone to any strong marriage. Without it, relationships can become vulnerable to suspicion and infidelity which can do significant damage to the union. When trust is broken, it can be incredibly difficult to repair the damage and two people may have no choice but to file for divorce.

When people think of issues like infidelity and loss of trust, they often think of extramarital affairs. However, as one recent report notes, many couples also deal with financial infidelity. The report goes so far as to suggest that financial infidelity is a top predictor of divorce.

Financial infidelity refers to the act of hiding certain financial information and behaviors from a spouse. This might mean that someone has a secret bank account or spends huge sums of money without disclosing the transactions to a spouse. In fact, 6 percent of people reportedly have bank accounts their spouses know nothing about.

According to a phone survey, many respondents admitted to having secret credit cards they use to buy things they don't want to tell their spouse about. In some cases, they do so to avoid fighting about money; in other cases, they do so to avoid being caught doing something bad.

This behavior can do untold amounts of damage to a relationship. If and when financial infidelity is discovered, it can prompt a couple to divorce. If this is the situation in which you have found yourself, you will want to disclose this information to your attorney.

During a Tennessee divorce, people do things like concealing assets in an attempt to protect themselves, even though it is unlawful. If you or a spouse has a history of secretive behaviors when it comes to money, it will be necessary to be especially thorough when it comes to calculating and dividing marital assets

Infidelity -- be it emotional, physical or financial -- can destroy marriages and make the divorce process even more contentious. You may be angry, hurt and suspicious in ways that make it difficult to make sound decisions. Because of this, it can be wise to have the guidance and support of an attorney who can fight to protect your best interests and focus on pursuing a fair settlement.

Source: Deseret News, "The top predictor of divorce -- and how to avoid it," Herb Scribner, Nov. 2, 2015

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