By: Veronica Mobley
There’s this notion that secrets are harmless as long as the other person doesn’t find out. Well of course that all changes when you’re BUSTED! Keeping financial secrets from a spouse can be devastating to your relationship. We all know that the common cause of most marriages that end in divorce is related to finances.
It’s been said, marriages are much like business partnerships. And if this is the case, there should be complete disclosure in terms of all financial matters.
Here are 3 Common Areas of Financial Secrecy:
ü Control- Normally if one person has control of the money, at some point there will be back lash from the other. This tends to prompt the use of secret accounts and credit cards. The person that’s resorted to hiding the money usually feels the need to do so after experiencing a sense of isolation and lack of flexibility from their partner.
ü Frivolous Splurging and Undisclosed Debt- This area causes much friction. It’s difficult to develop a healthy financial plan as a couple when one or both of you is hiding a poor spending habit or even worse debt.
ü Separate Accounts- Often times, couples secretly choose to keep separate accounts such as; checking/saving accounts, credit cards, investment holdings, and stashed cash
Veronica Mobley, is a Financial Advisor and premier catalyst for Women’s Economic Empowerment. She enjoys designing unique Financial plans, enlightening books and time with family.www.sassysuccess.blogspot.com