Love is a Many Costly Thing: A Visual Guide

Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com Loves Yes, a loving spouse is an amazing gift. But when it comes to finances, miscommunication can add strain and stress to even the strongest marriages. When we unite our lives and bank accounts with another person, we may also take on their debt. We examine how debt and secretive spending affect a IS A MANY COSTLY THING marriage, as well as how to avoid future heartache. After all, in the end, Love > Money. MONEY TALKS When it comes to handling finances as a couple, communication is the key to success. But many are still hiding their purchases from their spouse. According to a survey by CESI Debt Solutions: 73% of married couples say it is unacceptable to make a purchase of $100 without telling their spouse first. 71% percent of couples say they have cut back on the amount of purchases they are hiding from their spouse because of the recent recession. 80% spend money that their partners don't know about. Women are more likely to have cut back than men. Women 77% 79% of married people will talk to a friend about their financial infidelity instead of their spouse. Men 54% EVEN SO: LOVE > MONEY EXPERT'S CORNER: "..We often find that the people who keep even small purchases hidden from their spouse are suffering from bigger debt problems. There are 60% some states where spouses are legally responsible for their spouses debt, whether or not it was incurred before or during their marriage. This inherited debt can be quite problematic on the health of a relationship. That's why honesty and open communication about money of married couples are willing to forgive these financial infidelities and buy their has to be a priority in the relationship." spouse a gift for Valentine's Day. -Neil Ellington, executive vice president of CESI Debt Solutions SECRETIVE SPENDING Even though most married people say they want their spouse to be honest about their spending, 80 percent are still secretly spending money and keeping purchases hidden from their partner. SECRETIVE SPENDING BREAKDOWN: WHAT ARE MARRIED PEOPLE BUYING IN SECRET? Clothing and Accessories 34.5% Food/Dining 24% Beauty/Personal Care Items 19.5% 16.5% Gifts 13% Alcohol Music (MP3S, CDs) 9.5% 9% Entertainment Childcare/Items for Children 8.5% WHY MARRIED PEOPLE SAY THEY KEEP THEIR SPENDING A SECRET 46% 43% 19.9% They are currently paying off the debt and their spouse doesn't need to know. They are concerned it would end the They want to avoid an argument. relationship. WILL THEY EVER CONFESS? 27% 11% of married people are planning to tell of married people say they will never tell their spouse about their spending. their spouse, but aren't ready yet. A LITTLE FINANCIAL DISCLOSURE GOES A LONG WAY Hopefully you're marrying for love and not love of money. But before you take the plunge, make sure you and your spouse both know what kind of debt you're marrying into. Q: HOW MUCH OF YOUR SPOUSE'S DEBT ARE YOU RESPONSIBLE FOR? A: You're generally responsible for the loans that you cosign. A: You have to cosign on your spouse's small business loan, A: Unpaid student loans will be on your A: You're legally not responsible for any debt your spouse brings books until death. into the marriage. making you partly responsible. This is typically the mortgage or rental agreement, car loan, or joint credit card. If the marriage heads south and your spouse fails to pay, Even bankruptcy won't get rid of your spouse's school loans. If you default on the loan, interest and penalties will still You can, however, be affected by Oftentimes banks want a business their debts. Worst-case scenario would be if your spouse's old debts force them into bankruptcy. This would affect the repayment of any owner to put up their house for collateral as a personal guarantee of repayment. If you cosigned on the build and will often be sold to debt collectors who will hound you until you will be responsible for the whole amount. Of course, this includes any debt that was secretly kingdom come. If unpaid, college debt is the worst kind to have, and it will mar house, you wilL be liable, even if you loans you signed together. don't work in the business. accrued on the credit card. your credit history even into retirement. As you can see, secret spending and hidden debt can cause serious problems, but it doesn't have to ruin your marriage-or Valentine's Day. Communication is king and a good conversation will go a long way in clearing the air, and enhancing your romance. DON'T FORGET: LOVE > MONEY SOURCES: CESIDEBTSOLUTIONS.ORG, CBSNEWS.COM mint.com