Secret Credit Card Spending Contributes to Divorce

The Huffington Post had an interesting story last week indicating that a survey discovered that secret credit card spending played a part in many couples’s divorces.

According to the HuffPost, a survey done by an online marketing company discovered that 1 in 10 people admit that hidden credit card purchases played a role in their separation or divorce.

The poll was conducted with 1,000 men and women, finding that about 36 percent of people who lied about their spending did so because they knew their spouse would be angry if he or she discovered it. In addition, 35 percent said they kept their purchases hidden because they knew their partners would disapprove of them.

Surprisingly, 35 percent of people polled said they were using their credit cards for living expenses, like buying food or gasoline, or paying utility bills or rent. However, 50 percent of those polled said that they made frivolous purchases like new shoes or clothing.

The poll found that 60 percent of women were likely to hide a credit card statement, admitting that they felt guilty doing so—however, it was men polled who on average spent more money on items.

As the HuffPost noted, “a [similar] 2011 survey by the National Endowment for Financial Education found that 68 percent of the time, financial infidelity has had a negative impact on relationships, with 16 percent of marriages ending because of it.”

We have had many clients whose marriages ended due to dishonesty or financial misrepresentation. If you are thinking about a divorce, it is important that you speak to an experienced family attorney. If your spouse maliciously spent money or made large purchases without your approval, it is possible that you could dispute the debts created through legal proceedings.

The outcome of your divorce could determine who will retain control of debts, as well as valuable real estate, residences and retirement funds accumulated during your marriage.

Issues related to division of finances, specifically assets, property and debts, are some of the most contentious aspects of any divorce. Our skilled division of marital assets attorneys will arrange your initial consultation. Call us today at (866) 971-0927. Our attorneys have been rated by Super Lawyers.

KGG’s Corner: Each year, nearly 2.8 million people in the United States go through a divorce.

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. – Bergen County Divorce Attorneys