With the stress of the festive season looming, Georgina Allen, a senior associate at Rayden Solicitors, has warned that the sales season could expose signs of financial infidelity in your relationship. The expert in financial settlements explained financial infidelity is when a partner conceals or lies about their assets, income or spending and occurs in up to a quarter of marriages with a range of consequences.
It can vary from having secret bank accounts, to hiding income or expenses from their partner, or more blatant methods like transferring money out of joint accounts. This latter method can have even more catastrophic results if you’re already on the path to divorce as it can complicate the proceedings or even result in fraud investigations, penalties and criminal charges.
However, because modern society often keeps income and expenses under wraps, it can be difficult to determine whether your spouse is simply being discreet or engaging in financial infidelity.
Georgina has identified five specific warning signs that could signal financial infidelity in a relationship during the festive season:.
- Hesitance about sharing login information for online banking or credit card profiles
- Unaccountable expenses or funds taken out from joint accounts
- A sudden uptick in private or elusive conduct when dealing with finances
- Unexplained absences or excursions that don’t align with the agreed upon budget
- Secretive or locked away paper invoices, statements, or digital records
If you observe these indicators, Georgina recommends initiating a candid dialogue with your partner, demanding outright financial honesty.
For those finding the topic too sensitive to broach head-on, she suggests seeking guidance from a monetary consultant or even bringing in a mediator.
She cautioned: “Being open and honest in your communication about money matters – not just during the holidays, but year-round – is the best defence against these hidden financial complications. The emotional impact of financial infidelity can go far beyond the legal consequences.
“Feelings of betrayal, lingering resentment, and a sense of losing control over your financial future can make it especially challenging to restore trust in many situations. Couples should aim for transparency; setting clear financial boundaries, and seeking professional help from a specialist family lawyer if disputes arise.”
