Married partners are expected to share everything, including finances. But these days it has become the norm to hide some of their income from their spouses.
Some people argue that financial infidelity is about keeping a bit of independence in married finances – and what they don’t know won’t hurt them. For others, however, this is a warning sign for the marriage.
Their view is that if you hide money from your spouse, you are halfway out of the marriage already. In this article, we are going to explore the following: the best way to hide money from spouse.
Whatever your view, let us look at the reasons for hiding your money and ways of doing so more closely.
Reasons for Hiding Money from Your Spouse
For most people, it is simply about having a bit of financial freedom in the marriage. But there may be other, more serious reasons for doing so.
You may want to hide money because you are in an abusive relationship and you want a way out. Or your partner might have a gambling or spending problem and you want to be able to provide your family with the essentials.
Check to See If One of The 7 Best Way to Hide Money from Spouse, Is Worth Your Time.
Whatever your reasons for doing so, there are a number of legal methods to hide money from your husband or wife. Below we outline a number of ways for you to save and stash that cash, without your spouse or significant other’s knowledge.
1. Hide New Income from Your Spouse
The next time you are in line for a pay raise, figure out how much it will add to your net pay and have that amount automatically deposited into a separate bank account. Your company’s human resources department can very easily split up your direct deposit into however many accounts you want.
If you do not have direct deposit set up, you will have to take the new account number and the bank’s routing number to your HR department.
2. Overpay Your Taxes
If you and your spouse file taxes separately, you can request your HR department to increase your tax withholding. You will have to complete a new W-4, which you also submitted when you were first hired.
That will take more money out of your paychecks and help you to get a bigger refund check later – which you can have sent to a separate bank account.
If you are getting a paper check, make sure that you also provide a separate address on Form 8822 so that your spouse does not find the check in the mail. But remember that you are not supposed to use a P.O. box unless you post office does not deliver mail to your street address.
Because you have to wait so long to get your money, this is a long-term strategy.
3. Get Cash Back
This method is easier than doing your taxes. Get cash back every time you go to the grocery store. This may also take time, but you can amass a decent amount of cash by even taking out as little as $10 or $20 every time you go to the grocery store or pharmacy and keeping it in a safe place.
The real beauty is that this cash stays under the radar because the total charge shows in online banking as groceries and, unless your spouse checks the receipts, nobody will know about it but you!
4. Open Your Own Online Bank Account
To hide your money, you must have a place to keep it. One of your best options is an online bank account. Nothing gets mailed to your home address, so you don’t need to worry about statements ending up in your spouse’s hands. They only need your physical address to comply with federal law.
All you have to do is fill out an online application. It does not cost you anything to open, and there are no monthly service fees.
5. Get Your Own Credit Card
If you get your own credit card it can be traced in two ways; through bills sent to your home, and through the bank account that you use to pay your bills. You can solve the second problem by using your online banking account.
The first problem can be solved by setting up a P.O. box which you can apply for online. Small boxes are available for less than $100 per year.
Under federal law, a physical address is required to open the account. After you have received your card in the mail, however, you can change your address on file to a P.O. box.
6. Stash Your Own Prepaid or Gift Cards
Once you have a credit card in your name and an online bank account, you can use the credit card to buy $500 prepaid or gift cards. These are normally sold in pharmacies, and many are reloadable. You can load up several cards and stash them away until you need them.
7. Rent a Safe Deposit Box
Your final option is also the final destination of all your cash, prepaid debit cards, and credit cards. Most major banks have safe deposit boxes available to rent, and nobody needs to know what is inside. Not even the bankers are allowed to know the contents of the box.
A small safe deposit box will cost you between $15 and $25 per year. Just make sure that you hide the key from your spouse!
If you are married now but you have decided to put money away for a divorce, just remember that your spouse will still be entitled to half of your money, property, and other assets if you are discovered. Once the court gets involved, everything is just cut in half; half for you and half for your spouse.
Even if you are in a new relationship, it is wise to have an exit strategy. Everyone should have emergency funds because you never know what is going to happen. You can meet the most perfect partner on the planet, but once the burning fire of love has dwindled down to a flickering flame, you might want to get out in a hurry!