Protect your Marriage from Financial Infidelity by Kathleen Marteney, CRPC

If you think the only form of cheating in a marriage happens in the bedroom, you would be wrong. A growing number of marriages suffer the damaging effects of financial infidelity in which one spouse intentionally lies about or hides assets or other financial information from the other spouse.  Both are examples of betrayals that signal more significant marital issues and could easily lead to divorce.

It is not uncommon for married couples to maintain separate bank accounts. Still, both spouses should agree to be forthright and share relevant information about their assets, earnings and debt to preserve marital trust and mutually agreed-upon financial goals. For example, consider what could happen to a couple saving money for a new home when one or both spouses keep their purchases secret from each other. What if one spouse has a bad credit history or significant debt hidden from the other? Each of these scenarios could jeopardize a couple’s ability to achieve their financial goals and result in irreparable harm to their union.

Discussions about marital finances can be difficult and argumentative. However, couples might consider the following guidelines to help them establish financial fidelity from the onset and maintain it far into the future of their wedded bliss.

• Be transparent and share details about credit scores, financial obligations, business interests, estate documents and spending habits.
• Work together to establish short-term and long-term financial goals and be prepared to compromise.
• Establish a budget based on current earnings and expenses with an eye on shared financial goals for the future.
• Set a dollar amount that each spouse must agree to before the other makes a big purchase. The amount could be as small as $100 or as large as $5,000.
• Share account information so that one partner may access the other’s accounts in an emergency.
• Look at the big picture. While a couple may have different spending habits, it does not mean their marriage is doomed.
• Consider the benefits of a prenuptial agreement before walking down the aisle.
• Seek the advice of a qualified financial advisor who can begin a dialogue about financial fidelity and guide a couple to help make the right decisions that meet their particular needs and goals.

About the Author: Kathleen Marteney, CRPC®, is a financial planner with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs, and a registered representative with PWA Securities, LLC (PWAS). She can be reached at (800) 737-8804 or via email at info@provwealth.com.

Provenance Wealth Advisors, 200 E. Las Olas Blvd., Nineteenth Floor, Ft. Lauderdale, FL 33301 (954) 712-8888.

 Kathleen Marteney is a registered representative of and offers securities through PWA Securities, LLC, Member FINRA/SIPC..

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.

Any opinions are those of the advisors of PWA and not necessarily those of PWA Securities, LLC. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of PWAS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Prior to making any investment decision, please consult with your financial advisor about your individual situation.

To learn more about Provenance Wealth Advisors financial planning services click here or contact us at info@provwealth.com

Posted on August 29, 2024