Trust is of the utmost importance in committed relationships. Some couples struggle with issues related to cheating. However, not everyone is aware that a spouse could be unfaithful in other ways as well.
Some partners make secretive financial infidelity or are dishonest about the amount of debt they have. Unfortunately, lies and deception could factor into the demise of your marriage, and matters could be exponentially worse if you lose money along the way.
Five ways to maintain financial transparency between you and your spouse
Fortunately, there are some ways you and your spouse can prevent financial deceit. These include:
- Regular discussions as a couple, including both your money management styles and long-term financial goals.
- Shared login information for your accounts, so you can see how much money is being spent, and on what.
- A thorough review of financial documents before you sign them.
- Learning about how debts and investments factor into your plans.
- Working with your spouse to manage your resources.
You and your partner likely have different spending habits and attitudes about money, and pride or oppositional priorities could put you at risk without your knowledge.
If you do not keep close tabs on your cash flow, accumulating excessive debt or falling behind on your loan payments could ruin your credit. In some circumstances, you could face criminal accusations for questionable transactions or account activity.
Undoubtedly, you should be able to trust the person to whom you committed your life. However, remaining aware of your financial situation may be in your best interest, regardless of whether your marriage lasts, or you find yourself seeking favorable results in a settlement.