Top Money-Related Issues That Lead to Divorce: Financial Infidelity & Cultural Differences
In this blog, we’ll discuss in-depth how financial infidelity and cultural differences can potentially pose a significant threat to married couples like us.
Financial Infidelity
Trust is the foundation of any relationship.
That's why financial dishonesty of any kind can strain a relationship and even lead a married couple to divorce.
Financial infidelity is when one spouse deliberately chooses not to disclose or tell the truth about something related to money.
According to a 2022 US News & World Report survey, the biggest finance-related lies in a relationship are about secretive purchases and hidden debts.
In a 2019 survey conducted by TD Bank, 43% of respondents said they hide substantial credit card debt from their partner.
"Financial infidelity may occur after years of built-up financial tension in a marriage or as a result of poor communication and different dreams," said personal finance writer Andrea Woroch.
It's important for us to maintain a safe space so that we can openly come to each other to discuss our struggles, hopes, and dreams financially.
To protect our marriage, we've made a commitment to be transparent about our money-related decisions and avoid any form of financial dishonesty. Our first step to transparency is to maintain one joint bank account only.
Cultural Differences
Dr Kathy McMahon, Founder of Couples Therapy Inc., shared how cultural differences can also lead to money problems for married couples.
In some cultures, it is customary for grown-ups to support their aged parents financially. They’re even expected to provide for younger siblings in some cases. In other cultures, no such expectations are placed on children.
Couples from different backgrounds and cultures may face a potential conflict if not discussed.
But no issue, big or small, cannot be mitigated by open communication.
For us, this wasn’t really a bone of contention. We both had the mindset of being happy to support our parents.
If you or your spouse is obliged to provide financial support to your parents, don’t assume that the other understands.
See to it that you’re on the same page. Ensure you fully appreciate the situation and its implications on your joint finances.
The Bottomline
Financial deception and cultural disparities can profoundly impact marital stability, underscoring the significance of transparent communication and honesty in financial matters.
Deceitful behaviour can erode trust, which is fundamental to any relationship.
Overcoming these challenges demands a dedication to sincerity and empathy, creating an environment where couples feel safe discussing their financial concerns, aspirations, and familial obligations.
Know more about the top money-related issues leading to divorce here.
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