FINANCIAL INFIDELITY

Financial infidelity occurs when couples with combined finances lie to each other about money. For example, one partner may hide significant debts in a separate account while the other partner is unaware. Another common example is when one partner makes large discretionary expenditures without discussing the matter with their partner.

Money can be a big point of contention among couples, so it is important for each partner to be open about his or her financial situation, expenditures and attitudes toward money. A good idea is to go over both partners' financial pictures before combining finances. Also, setting up a mutually agreeable system for handling expenditures can help avoid many fights down the line. For instance, many couples set up an allowance system, which allows each partner to spend a set amount each month without have to consult the other. This allows for partners to maintain part of their financial independence while still working toward mutual financial goals.