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Mark Abzug

Financial infidelity and divorce

On Behalf of | Oct 17, 2013 | Property Division

Florida residents may be interested in the findings of a recent survey by a market research firm which showed that secret credit card purchases can play a significant role in divorce. Ten percent of the survey’s 1,000 respondents said that hidden credit card charges had been a factor in their separation or divorce. The survey also showed that 36 percent of respondents had kept charges secret because they knew their spouse would be angry. Another 35 percent hid charges because they knew their partner would not approve.

The results mirror the findings of earlier studies on how financial infidelity can impact marriages. A 2013 Kansas State University study showed that arguments about money is the number one predictor of divorce. An earlier study from the National Endowment for Financial Education found that lying about financial matters causes a strain in a relationship 68 percent of the time. The study also showed that lying about money leads to divorce and division of marital property 16 percent of the time.

The survey did have some interesting findings regarding the nature of secret credit card spending. The survey showed that women were 60 percent more likely to hide a credit card bill from their spouse. However, it also showed that men spent more money on the hidden purchases. The study also revealed that 50 percent of the respondents used credit cards to secretly pay for everyday bills like utilities, groceries and gasoline.

Financial dishonesty is a leading cause of divorce. An attorney with experience in property division matters could help clients dissolve their marriage in a fair and financially prudent manner. The attorney could help them conduct a financial review and help to negotiate settlements that address their concerns.

Source: Huffington Post, “Secret Credit Card Spending And Divorce Linked In New Survey“, October 14, 2013