Late-life divorces, also known as gray divorces, have become increasingly common for New Jersey couples. One of the reasons that gray divorces have become more prevalent is financial infidelity, a breach of trust in a relationship that occurs when one partner hides financial information or engages in financial behavior that the other partner is unaware of.
Betrayal of financial trust
Financial infidelity can take many forms, including hiding assets, secretly opening bank accounts or credit cards, overspending and gambling. In a gray divorce, financial infidelity can be particularly devastating because couples have had many years to accumulate assets and build a life together. When one partner betrays the couple’s financial trust, it can cause significant harm.
Potential reasons for the trend
One reason that financial infidelity may be more prevalent in gray divorces is because couples may have grown apart over time. They may have different financial goals or priorities and may not have communicated effectively about their finances. This lack of communication can make it easier for one partner to engage in financial infidelity without the other partner noticing.
Another reason that financial infidelity may be more prevalent in gray divorces is because of the potential for one partner to feel financially trapped. In many gray divorces, one partner may have been the primary breadwinner while the other partner stayed at home to raise children or manage the household.
This can create a power imbalance in the relationship, and the financially dependent partner may feel trapped and unable to leave the relationship. Financial infidelity can be a way for the dependent partner to regain some control over their financial situation.
Consequences
Regardless of the reasons for financial infidelity, it can cause mistrust and anger between partners and can make it difficult to negotiate a fair settlement. In some cases, financial infidelity can also result in legal consequences, such as the forfeiture of assets or even criminal charges.
Avoid financial infidelity
To avoid financial infidelity in a gray divorce, couples must communicate openly and honestly about their common finances. They should have a clear understanding of each other’s goals and priorities. They should work together to create a financial plan that leaves both partners satisfied and able to continue their lives without obstacles brought about by the divorce.