Every 1 in 3 American couples are cheating. Although we specialize in infidelity investigations, the infidelity I’m talking about today is financial.
From secret credit card spending on fine dining, to beauty treatments and other luxuries (or addictions), couples are “cheating” on each other in new ways.
Often the offending spouse gets caught too late, usually during critical turning points, such as a joint mortgage application or refinancing – a bad credit score due a maxed out credit card spending.
Seventy-six percent of respondents to a National Endowment for Financial Education (NEFE) study conducted by Harris Interactive says financial cheating by a spouse has hurt their relationship, 8 percent blamed it on a separation while 10 percent said it ultimately led to divorce.
The January 2014 study of more than 2,000 shows that sixty-four percent of US couples have co-mingled finances today.
According to the NEFE study:
Financial cheating has gotten worse, from 31 percent in 2010 to 33 percent 2014.
30% of cheating couples concealed a purchase, bank account, statement or cash from the other.
10% lied about their finances, earnings and debt.
35% said they believe some part of their finances should remain private, even to their spouses.
We have discovered through our investigations at CMP Protective & Investigative Group, that spouses may own other properties or businesses that the other spouse was unaware of. In matrimonial cases involving alimony and child support, this is crucial information to allow our client to be able to make an intelligent decision towards their divorce.
In the case of infidelity investigations, most spouses are tipped off by a changes in spending habits, easily viewed from bank and credit card statements.
Some choose to spend money on wining and dining, travel and hotel rooms, all while leaving a trail via credit card. Others choose to pay in cash, thus withdrawing large sums from joint accounts. Thus establishing another trail.
If it is proven that a spouse was spending marital funds (joint credit cards and bank accounts) on another lover, most judges will order that that amount will need to be part of the divorce settlement.
Thomas Ruskin 