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10 Money Lies That Could Wreck Your Marriage

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couple staring angry mad fightDespite what tabloids would like you to think, not all marriage problems start in the bedroom.

Financial infidelity is the root cause of many crumbling unions, says family law attorney Steven Mindel. 

"More marriages fall apart for financial reasons than for fidelity reasons," Mindel says. "Fundamentally, marriages are built on trust and anytime you breach the trust of the other party, it damages the relationship. Getting married is like the merging of two enterprises." 

Nearly half of divorced or separated U.S. adults said they regret not discussing their personal finances before taking their vows, according to a survey by Couponcabin.com.

With Mindel's help and a host of other family law and finance experts, we've rounded up a list of some of the most damaging money lies spouses can tell. 

You're heir to a huge fortune but kept it mum.

Mindel says hiding details of an inheritance or trust fund is one of the most common lies he's seen in clients. 

It's not a wise move, especially since it's easy enough for a partner to find out if they pay attention to your tax returns, Mindel points out.

Unless you also plan on also lying to the IRS about the trust fund, you'll have to report your monthly checks with the rest of your taxable income. 

 



You decide to hide your lottery winnings.

A California woman made headlines when her ex-husband sued her over lottery winnings she hid from him while they were still married.

Years later, he took her to court and wound up walking away with 100 percent of her earnings.

"Now, more and more states across the country are imposing penalties for spouses that fail to properly disclose financial information to their spouses," Mindel says.  

 



You keep a secret bank account for yourself.

If you've got money that’s off the books, such as cash you're earning from a freelance or part-time job, it's not OK to stash it in a secret account your partner doesn't know about.

"People get pissed when they find statements about hidden accounts," says family law attorney Jennifer Deniger.

"A lot of married couples don't understand the concept of joint property and they think that if they get divorced, then anything they have in a solo account is theirs to keep. But the joke is on them because the (spouse) still gets half."



See the rest of the story at Business Insider

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