Her Husband Hid His Millionaire Status From Her – Can He Justify His Reasons?

A man took to Reddit to ask if he was in the wrong for not fully disclosing his financial status to his wife.

A Happy Family

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Joe, has been married to his wife, for over two years, and they’ve been together for four years.

They have a one-year-old child, and his wife has been on maternity leave since birth. 

Money Saved for a Rainy Day

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Joe explains that his wife knew he ran his own businesses and owned some properties, but they never discussed figures in detail.

He was always open with her that he did have some money squirreled away and had spent a great deal for her and the house. 

Happy to Pay

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During COVID, his wife wanted a new bathroom and the garden renovated, which he paid for without a thought – it was never a problem.

He also paid off $20k in debt that she had accrued and spent another $10k on their wedding.

Moms Night Out

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Recently, his wife went out with some of the mothers from a mothers and baby group she was part of, including one who worked for Joe’s accounting firm.

The topic of his wife becoming a stay-at-home mom came up with a few drinks in them.

Joe’s wife didn’t want to return to work, and her husband told her, “while it may be a struggle, I think we can make it work.”

A Shocking Discovery

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But when she told her friends, she was shocked.

The accountant was confused that he would say it would be a struggle and said, “I’ve seen his account. He’s minted!”

This shocked his wife – if he was this rich, why would he say it was a struggle?!

The Truth Is Out

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The wife relayed this conversation to Joe, and he had to explain that, while he did not know his exact net worth, he was, in fact, a millionaire on paper.

She was astonished! 

An Emotional Response

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She was upset that Joe had understated his financial situation and felt they had skimped on things they didn’t have to.

This upset Joe. 

Suggestions of Divorce

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She even showed Joe a WhatsApp group where 75% of her friends thought he was out of order, and one of them even suggested she should divorce him. 

He thought this was crazy!

Shared Accounts

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Joe and his wife have a shared current account and personal accounts.

He puts £3,000 in the shared account each month to cover all essential expenses, and his wife keeps all of her income. 

Financial Security

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Their child has their ISA maxed out, and all things going smoothly will never need to work. However, his wife thought they were struggling before the accountant mentioned the Joe’s true net worth.

There Is an Explanation

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Joe had his reasons for not disclosing his financial status to his wife.

Firstly, he was concerned about his wife’s extravagant spending habits. Secondly, he’d invested most of the money in properties and businesses, and very little of it was actually liquid.

Not Money In the Bank

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He never considered it as his money but rather that it belonged to his businesses, and he says he never kept strict track of it.

He explains how he sees it, “The properties I have are worth in the region of £8m, and I have around 30% equity.

You might think, “Wow, that’s over £2m sitting there,” whereas I’m thinking, “That’s 6m I owe at 2%, and it’s going to go up to around 7% when these mortgages get renewed.”

An Overreaction?

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He was surprised by the reactions of his wife’s friends and her attitude toward him.

He feels like he was being honest with his wife and never intended to deceive her. 

In hindsight, he understands why she feels the way she does but still thinks that she overreacted.

What Happens Now?

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The situation has raised some questions about their marriage, but Joe is unsure where to go. He loves his wife and does not want to lose her, but he also feels like she is being unreasonable. 

Doubts About His Secrecy

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Joe is wondering if he should have been more forthcoming about his financial situation or if he was right to keep it to himself.

He can’t tell if he had acted poorly, which is why he posted to Reddit asking for their opinion.

A Mixed Reaction

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Reddit users had different opinions of this guy. Some people thought Joe had been intentionally dishonest with his wife and had forgotten a key point of marriage – that it’s a partnership. They felt he treated his wife like a child, not a partner.

Others thought that the account had wronged Joe and were calling for her to get fired! They didn’t think there was an issue in him separating business accounts from personal wealth but thought he was in the wrong for telling his wife it “might be a struggle.

One user said, “The accountant shouldn’t have been discussing any of this in a social setting and without your permission. But I don’t understand how you can be married and not be clear on each other’s finances. If I was in your wife’s shoes, I would now be wondering what else I don’t know.”

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The post Her Husband Hid His Millionaire Status From Her – Can He Justify His Reasons? first appeared on Wealthy Living.

Featured Image Credit: Shutterstock / Krakenimages.com. The people shown in the images are for illustrative purposes only, not the actual people featured in the story.

This post is based on Reddit but the names have been changed.