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Protecting Family Finances

Posted by: Lisa Nichols | Mar 18,2008

Identifying family financial solutions and protecting the family finances are a priority for every married couple. Between former Governor of New York Eliot Spitzer’s secret dalliances with call girls and new Governor David Paterson’s admission of infidelity by him and his wife, the institution of marriage is once again coming under fire. Family financial solutions that can keep families together- or protect both parties if a couple splits- include admitting financial “infidelities” and working together on a plan for the household monies and each individual’s finances.

 

Financial Infidelity Highlighted in New Poll

 

According to a new USA Today/Gallup poll, couples who are found to be keeping secrets could be on the road to divorce. The poll, which spoke to 1,001 adults, found that the biggest breach of trust- or financial infidelity- was having a secret bank account. 62% of married respondents considered this a “major” violation of trust and 11% believe it’s enough reason to initiate a divorce. 55% of poll respondents said that keeping a secret credit card from a spouse is a major violation of trust and 6% of married respondents felt this financial infidelity might be grounds for divorce.

 

Family Financial Solutions Include Separate Accounts

 

According to a new article in this month’s Parenting magazine, it’s important for moms to establish unique financial identities. (Cettina, Teri. “Mommy Savers: 5 Financial Tips for Moms.” Parenting Apr. 2008) If a wife becomes widowed or divorced, she has to have her own financial identity in order to establish credit and get loans. Parenting recommends that women start building their credit history by obtaining a credit card. Women can use the card to make some monthly purchases and then pay the credit card bills on time to start establishing a solid credit history. More family financial solutions from Parenting include sharing information about finances, so both people in the marriage have a complete picture of their money situation.

 

Read the Woman’s Guide to Establishing a Financial Identity. 

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