The idea of getting married comes to an individual's mind once he or she has established financial stability. It may not mean that you're financially free from debts but it may mean that you have enough financial resources to make a marriage work. Love is still a very important factor for it will be the only one that will determine how each party will tolerate financial hardships and challenges. As the relationship prospers, rifts can come particularly when money becomes the main issue. Believe it or not, most marriages that fail are due to bad financial or credit histories.
Hidden Wealth, Hidden Debt
When your partner starts hiding money from you, then that is the first sign that he or she doesn't trust you with the family finances. You should be more alarmed if your partner hides a credit card from you. It may mean that the other party is preparing something big and guess what --- you're not part of it. Around 45% of most spouses discover that their partners have financial skeletons inside their closets.
The way an individual spends can lead to a family’s financial ruin. This is something that most couples don’t discuss during the courtship stage. One out of three tell their partners about their dishonesty when it comes to spending habits. Around 19% who do this have low credits scores and 13% have large debts. Only 3% of those that have financial skeletons in their closets previously declared insolvency.
Absence of Frugal Feverishness
Married couples who end up in separation and divorce in the US often lie about their money and spending habits. Statistics point out that 58% of them in one way or the other hid some cash while there are 54% that didn't declare a minor purchase. When we talk of minor purchases it may include something that will disrupt the family budget.
There's also 30% who placed a bill in a place where the spouse won't find it. They’ll just be surprised to receive an Internet fax about the details of the charges. Some lies can happen as well to major purchases that will make the other party cry and 16% of the recorded US divorces and separation are guilty of this. Undeclared savings from your partner can give rise to suspicion and there are 15% of the cases in US separation have this.
Late discoveries can also occur. So we have 11% who didn't disclose a bad debt and 11% as well who don't declare to their partners how much they really earn. When you ask them why they do this, they'll just say that they are avoiding home conflicts. When couples don't agree financially, it leads to longer misunderstandings and even develops negative communication methods between couples where one acts defensively in tone when they speak or even yell at the other party.
If You Don’t Know It Won’t Hurt
Women are often guilty of ripping price tags on items that they don't want their husbands to discover. They do this before they get home. This holds true for 8 out of 10 women. There are 32% of women who never disclose a purchase from their husbands and there are 17% of men who also do the same. Purchases that each partner keeps hidden from one another are alcohol (19% for men 8% for women), clothes (24% for men, 43% for women), music (14% for men, 6% for women), gifts (12% for men, 21% for women), and dating websites (4% for men, 1% for women).
If we are thinking of getting married or are already married with someone we love, we have to make sure that we let them know that our lives are open books. You have to include your finances and expenditures so that each one will be able to find ways to help each other. When a couple overcomes a financial obstacle, it further strengthens the bond and the love that each partner will have for one another.