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Therapist: Financial Infidelity Can End Couples

Hiding Money Can Be Sign Of Larger Problem, Woman Says

POSTED: 9:19 am PDT October 30, 2008
UPDATED: 9:40 am PDT October 30, 2008

While most people know that infidelity in a relationship can cause it to end, one Valley therapist said that financial infidelity can be just as dangerous.

What is financial infidelity? According to family and marriage therapist Donna Wilburn, it is when partners lie or keep secrets from one another when it comes to money. It can be anything from keeping credit card debt a secret to hiding money from a spouse.

"I'd say finances and financial stress is one of the number one things couples argue about," Wilburn said. "The whole idea of hiding money -- of keeping a secret in a relationship -- is a sign the relationship is unhealthy."

In these tough economic times, money is on everyone's mind and dishonesty when it comes to finances can be a catalyst for failure to any relationship, Wilburn said.

In a survey conducted by "Redbook" magazine, nearly everyone said partners should be completely honest about financial issues. But one in four admitted to withholding financial information, usually about personal spending habits, the survey said.

"If you feel you need to hide money or talk honestly about your finances, there's something wrong in the relationship," she said. "It's important to be honest with yourself and look at yourself and say this is not OK. This is not a healthy thing to do."

Tamara Dalton knows what this problem can do to a relationship. As soon as it looked like she and her husband of 12 years were headed toward divorce, he drained their savings, the credit cards and her business account.

"When things get tough, that's where the tests start to happen," she said. "So, if it's strong and they communicate, it'll be good. If they're used to lying and hiding it'll fall apart."

Dalton admits that she wasn't looking for her husband to lie to her because she was blinded by love.

"I see all the signs now -- I didn't see them then. I wasn't paying attention," she said.

By the time she realized what was going on, Dalton said it was too late.

"Everything disappeared -- the money in our checking account, all my credit cards were drained, my business account was drained, and that was it. It was all gone," she said.

Since they were still legally married, it technically wasn't stealing. Dalton is coping thanks to help from family and friends.

She recommends couples to be open and honest, and she thinks that financial infidelity is a symptom of a larger problem.

"It could spiral out of control. Be careful, because you might think its something little but it can become something really big fast," she said.

An online banking company has created a online survey to see check for financial infidelity. If you or your partner has issues with talking about money, Wilburn recommends you see a counselor.

There is one instance where hiding money could be considered acceptable, Wilburn added. She said that should someone be in a physically abusive relationship, he or she should hide money and use it to leave the situation.

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