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Is Your Spouse Committing Financial Infidelity?

  • Broadcast in Finance
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Jon Hansen

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Financial infidelity is a term used to describe the secretive act of spending money, possessing credit and credit cards, holding secret accounts or stashes of money, borrowing money, or otherwise incurring debt unknown to one’s spouse, partner, or significant other. Adding to the monetary strain commonly associated with financial infidelity in a relationship is a subsequent loss of intimacy and trust in the relationship. Financial infidelity appears to be on the rise, with a 2005 study showing that 30% of respondents had lied about financial information and 25% had withheld information, whereas a 2008 study showed that half the respondents had committed some form of financial infidelity. Fast forward to the present and according to a December 7th, 2010 CNN report at least 80% of spouses conceal or hide purchases from their significant other. Regardless of whether it is an outright lie or one by omission, coupled with a recent American Express Poll which indicated that “91 percent of those surveyed avoided discussing money issues with their spouse or significant other,” would seem to provide a clear indication that the state of “matrimonial business” is generally speaking in big trouble. Matrimonial business you might ask? Well according to Dr. Jackie Black, finances in marriage should be treated in the same manner as finances in business and, as such when two people tie the knot it is tantamount to the merger of two independent companies where full and honest disclosure is a legal pre-requisite as part of the due diligence process. During tonight's 60 minute special, 3 couples will join Dr. Jackie on-line for 3 separate 15 minute couple-on-doctor sessions in which they will air their issues relative to financial indiscretions, with Dr. Jackie offering her insights and expertise on how they can take that all important first step towards a resolution and in the process regain lost trust.

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