What is meant by financial infidelity in a gray divorce?

On Behalf of | May 30, 2023 | Divorce |

Although Georgia couples make their wedding vows expecting to live happily ever after, many end up dissolving their marriage. When married couples 50 and over split, it’s known as “gray divorce.” Financial infidelity is often a major factor.

Understanding financial infidelity

In a gray divorce, financial infidelity refers to one party’s dishonesty about money. It happens when one spouse spends large amounts of money and racks up sizable debt or hides money from the other spouse. Financial infidelity may entail a serious gambling habit, poor credit card usage or even an extramarital affair.

Effects of financial infidelity on older couples

Just like romantic infidelity, financial infidelity can have significantly negative and lasting effects on a marriage, especially for older couples. When a couple has been married for 20 to 30 years or even longer, they have built up a foundation of trust for a long time. Issues with money being hidden can cause irreparable damage to the relationship and lead to divorce.

In addition to chipping away at longstanding trust, financial infidelity can also cause serious financial issues within a marriage. Many married couples 50 and over have significant assets; when one party has hidden assets and shown this level of dishonesty, it could end up cheating the other once they decide to get a divorce.

The only way for married couples to have a gray divorce that is fair for both spouses is to ensure that financial infidelity doesn’t happen in the first place. Both parties must be open and honest and communicate about their finances. This could help both to maintain a reasonable standard of living after the marriage has ended.

Often, men are the culprits behind financial infidelity. In many instances, the problem occurs because of control issues rather than romantic infidelity or gambling. This can have devastating, long-lasting consequences even after a couple has already gotten a divorce.

Divorce is already difficult enough, but when one spouse has committed financial infidelity against the other, it makes things even worse.