Shame plays a big role when it comes to financial infidelity. Sometimes finances just get out of control and it is not uncommon to hide these debts and expenses from a partner. In fact, around six million Americans are estimated to be guilty of financial infidelity in some way, shape, or form, so if you’ve told a white lie about your spending or overspent on your credit card, trust us. me, they are far from alone.

But the problem with hiding financial information from your partner is that it can lead to marital and possibly legal problems down the road. Whether those problems escalate into something like divorce (financial reasons are one of the main reasons couples get divorced) or you will leave a couple with a huge debt when you pass away, nothing beneficial can come of hiding your debts to your partner.

A sticky situation

I recently met with a client who just lost his wife. While the pain of losing his wife for many years was enough to paralyze him, he took a double hit when he realized that his wife had been struggling with mountains of credit card debt for some time. I was not aware of any of these debts.

These debts were well hidden from him while his wife lived. In this particular case, his late wife had opened several credit card accounts under both names. The reason he did this was because the credit card companies kept offering him more and more credit. The offers for 6 months of free interest were very tempting and she kept biting the bait. This quickly led the grieving husband to seek the advice of a bankruptcy attorney.

While I’m sure his wife had very good reason to hide the bills from him (she didn’t want to burden him with the truth), the fact that they had joint accounts meant that he was also responsible for the debt. While it can be difficult to discuss financial problems with your partner, failing to do so can quickly lead to financial disaster, emotional problems, and physical problems. I often wonder if the stress, fear, and guilt of dealing with this debt caused her death.

Grounds for divorce

In some cases, committing financial infidelity can lead to divorce. The stress of debt can often be too much for a partner and sometimes these debts are kept in court. If you are experiencing financial problems, be sure to speak with an experienced bankruptcy attorney today. Debt may seem like quicksand, but there are often ways out of debt that allow you to see the light of day and breathe again. Remember, financial infidelity will cause you stress, fear, and guilt, which can cost you much more than a paycheck. Are you willing to pay that price?