NEW YORK (PIX11) — Could you imagine your new wife not telling you she had $30,000 in student loans?
What about if your husband illegally put money into a Swiss bank account and now the IRS wants 150 percent of the value of the account as a penalty?
Financial cheating can be just as harmful to a marriage as romantic infidelity.
That’s why experts are urging couples to learn how to protect themselves from financial ruin — especially when that ruin could be caused by a significant other.
A New York woman said her money started disappearing soon after she married her now-ex-husband, who she fell in love with “at first sight.”
A month after their wedding, he admitted to having a prescription drug problem and she soon found out that every debt her new husband incurred would become her debt, too.
Hiding debts and funneling funds are just a few forms financial infidelity can take.
Experts say to protect themselves — and their bank accounts — women and men should follow these rules:
- Read joint tax returns carefully to know exactly where money went;
- Run your spouse’s credit report;
- Work out a monthly budget together;
- Talk openly and frankly about finances.
One option is to create a pre-nup, which spells out the way assets would be divided in case of a divorce. But that route is unsavory for many couples, who experts say would benefit greatly from a simple conversation and consultation with a financial planner.
Learn more about how to take charge of your money by using this online tool from Learnvest.