It has never been easier to conceal unsavory spending from a spouse. Divorce—and significant financial damage—can follow
By Gunjan Banerji of The WSJ. Excerpts:
"Roughly a third of Americans who have tied the knot said their first marriage ended in divorce"
"what’s known as financial secrecy or infidelity is at the center of many splits. That can mean hiding when an income source dries up, keeping a secret bank account or giving in to any of the financial temptations that have proliferated in recent years, whether it’s sports betting, shopping apps or risky trades."
"The share of couples without any joint bank accounts rose to 23% in 2023, up from 15% in 1996, according to a Census survey last year." ["making it easier to conceal spending"]
"The shift partly reflects the rising age of marriage for American men and women; individual bank accounts were more common for couples who married later.'
"In some cases, funds aren’t just separate, but entirely hidden. When that happens, divorce lawyers can argue that one party was improperly spending assets that belonged to both spouses."
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