However, in an increasing number of instances, it goes the other way as well. That is, bankruptcies can cause divorces.
Of course, it’s common knowledge that financial stress is one of the top reasons why marriages fall apart. Another, of course, is infidelity.
However, did you know that there is such a thing as “financial infidelity”? Our Denver bankruptcy attorneys are familiar with it, and know it can be equally detrimental to your bank account – and your marriage.
A recent study released by the American Institute of Certified Public Accountants indicates that about 30 percent of adults admit that they have committed some form of financial infidelity – that is, hiding certain purchases or spending big money on something without first talking about it with your significant other.
The survey, which involved more than 1,000 adults, went on to indicate that about 7 percent have hidden lottery winnings or work bonuses. Another 4 percent have a separate – and secret – retirement account, and an equal number have taken out a large sum from their joint checking account without getting their spouse’s approval.
Of course, the money is a problem – but the lying and deception is the bigger problem.
In another unsurprising finding, the study found that nearly 30 percent of couples who were either married or living together said they quarrel about finances more than any other issue – even including work and children. A large portion of those fights were the result of surprise expenses, not having enough saved up and butting heads about what is wanted versus what is needed.
So what does this mean for you?
Well, it could mean that your spouse is getting you both further into debt without your knowledge. You may think everything is fine, and won’t find out that you’re both in serious trouble – until you’re in serious trouble.
Of course, you do have options. An important first step to rebuilding your relationship after this kind of a betrayal is to meet with a Denver bankruptcy attorney, who can help you explore ways to put the financial mess behind you.