Maurie Backman
6 min read
When you enter into a marriage, you expect your spouse to be faithful. But sometimes, a different type of infidelity — financial — can rear its ugly head.
That's what happened to Cathy from Dallas, Texas, who recently called into The Ramsey Show seeking urgent financial advice.
Cathy revealed to co-hosts Ken Coleman and Jade Warshaw that she suspects her to-be ex-husband has racked up close to $1 million in debt behind her back — and she’s worried that she's on the hook for half of it.
Cathy filed for divorce in late April, after learning about her husband's ongoing financial infidelity — however, after a 27-year marriage, she's trying to escape as unscathed as possible.
Here is what Coleman and Warshaw had to say.
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Money can be a huge driver of marital strife — especially when one spouse keeps secrets.
A late 2021 survey by the National Endowment for Financial Education found that 43% of people with combined finances in a relationship have committed an act of financial infidelity.
For 39%, that meant hiding a purchase or bank statement from their partner. For 19%, it meant hiding cash. And for 16% of people, financial infidelity ultimately led to divorce.
Cathy, meanwhile, blames her situation on the fact that she allowed her husband to handle the family finances for many years while she became a stay-at-home mom to their four children. But when she did some digging, she learned that her now-ex had been keeping many financial secrets.
For one thing, he hadn't paid income taxes in three years, which amounts to about a $160,000 debt. Since their taxes are filed jointly, Cathy assumes she'll be liable for half that sum.
The husband also owes $80,000 in credit card debt on cards Cathy didn't know exist (and there may be more). Plus, there's a $550,000 mortgage on Cathy's husband's office building that she signed.
On top of everything else, in 2019, Cathy's husband borrowed $500,000 from Cathy after she received an inheritance, which she is counting towards the debt. He claimed he was spending the money on his business.
