According to a recent survey of married couples, as many as 80% say they spend money on things they fail to tell their spouses about. The study, commissioned by a North Carolina-based debt management firm CESI Debt Solutions, claims that nearly 20% of married couples have a secret credit card or bank account.
So why do spouses refrain from telling their partners about how they're spending money? More than one-third of respondents indicated that they fear the truth would cause fighting or worse - a divorce. While some couples blame the potential fallout from revealing their secrets, some didn't see the necessity - 46% of respondents maintained they were paying off debt, so the didn't see a need to tell their spouses.
For those that aren't paying off debt, the majority of spending was spent on something for the person's own benefit, including clothing and accessories (34.5%) and food and dining (24%). The concept of hiding money may not be new, but CESI's Tracey East says the economy may be the reason why it's coming to light. "It's probably always been this way. But money is so much tighter right now that it's tougher to get away with."
If your spouse has failed to reveal how he's spending money, and you need an attorney, the Law Offices of David P. Sheehan can help. For assistance in dealing with spousal financial dishonesty, contact one of our attorneys.
