On a recent episode of “The Ramsey Show,” a caller named Sarah was featured who discussed a harrowing story of financial infidelity. Before Sarah got married, she had a net worth of $1 million. Because of the large disparity in her and her (now) husband’s net worth, they signed a prenuptial agreement in which he stated that his net worth was $160,000.
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During their marriage, Sarah began to notice discrepancies in their finances. Whenever she confronted her husband, he always assured her that everything was fine. After about three years of marriage, Sarah said that a certain event prompted her to put more pressure on him about their finances. That’s when he finally admitted that he had been stealing from her.
Determined to get to the bottom of the matter, Sarah demanded access to her husband’s business accounts. It was then that the full extent of his betrayal became clear. Her husband had stolen $286,000 from her accounts—money that was legally protected under their prenuptial agreement. To make matters worse, Sarah discovered that her husband had lied about the prenuptial agreement, falsely claiming that his $160,000 net worth was tax-free, when in fact it was tied up in loans and lines of credit.
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Sarah was in shock. Her husband had depleted their savings, leaving only two months of emergency funds, and had also racked up $130,000 in personal debt. To complicate matters, the couple has two young children under the age of two, making Sarah’s decisions even more difficult.
Rachel Cruze, co-host of “The Ramsey Show,” expressed her concern about the deceit Sarah had endured for years. She compared the betrayal to financial infidelity, and equated it to the emotional damage of an affair. “You married a liar,” Cruze said bluntly. “There’s something wrong. Deeply, deeply, deeply wrong with him.”
Cruze then proceeded to lay it all out for her and told Sarah that she needed to consult a lawyer and separate their finances immediately. Sarah revealed that she had already begun that process and was in the process of securing a prenuptial agreement that would legally separate their debts and assets, to ensure that her husband’s financial irresponsibility would not jeopardize her and her children’s future. The prenuptial agreement would confirm that his debts were his alone and that if she were to provide him with any financial assistance, it would be paid back in full.
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Despite the overwhelming betrayal, Sarah is reluctant to leave the marriage. “We have two very young children,” she said. “And I know the statistics about growing up in a broken home. I don’t want that for my children. They’re just so young.”
Cruze advised Sarah to start couples therapy if she wanted to make the marriage work. According to her, her husband would have to drastically change his habits if she wanted to stay with him.
While Sarah’s story may have unique circumstances, financial infidelity is unfortunately common, especially among younger generations. A recent survey from Bankrate found that more than 40% of U.S. adults who are married or cohabiting have hidden financial secrets from their partners.
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“It’s not always easy to talk about money, but it’s so important,” says Ted Rossman, a senior analyst at Bankrate. “Financial secrets can take on a life of their own and undermine a relationship. In our years of studying this, we’ve often found that the breach of trust has a bigger impact than the dollars and cents. If you have a secret spending habit or an undisclosed debt or a credit card or bank account that your partner doesn’t know about, I think it’s best to come clean right away.”
If you are dealing with financial deception or want to protect your assets in a marriage, consulting a financial advisor can provide valuable advice to secure your financial future and protect your interests.
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This article $1 Million Net Worth Shattered: Ramsey Hosts Tell Wife to Act Fast as Husband Steals $286K, Lies About Prenuptial Agreement originally appeared on Benzinga.com
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