Data by the Michigan Department of Health and Human Services shows the divorce rate for Michigan couples aged 50 or older is 7.7 per 1,000 married persons. Gray divorce can occur for a number of reasons, one of which is financial infidelity.
A gray divorce is a divorce between spouses who are 50 years old or older. Like with a younger couple, several things can cause a gray divorce. When most people think of a couple with financial problems, a young couple comes to mind, but older couples can also struggle with money issues.
Understanding financial infidelity
Financial infidelity involves hiding or lying about money issues to a spouse. One or both spouses might engage in this behavior for various reasons.
A spouse might have a shopping addiction and feel shame about how much they spend. Or maybe a spouse is hiding money to build a secret savings account. An addiction to gambling is another behavior that can cause a person to engage in financial infidelity. The reasons are almost endless, but financial infidelity is always the outcome.
Financial infidelity includes opening a bank or savings account without telling your spouse. Other examples include hiding that you have a credit card or a bank loan.
Discovering this activity often causes a similar reaction to discovering emotional or sexual infidelity. A spouse might feel betrayed, hurt or resentful. It can also cause distrust to develop in a relationship, which is often a cause of marriages ending.
Married couples of any age can face struggles because of finances. Some gray divorces can be avoided when couples overcome financial infidelity. Marriage and financial counseling are options that some couples pursue.