Married couples can vary considerably when it comes to how joined their finances are. Take bank accounts for example. Some couples have all their bank accounts as joint accounts. Other couples maintain some separate accounts.
Now, situations sometimes arise in which one of the partners in a couple has a separate bank account that they have, purposely, kept the other partner from knowing about. Keeping a hidden, separate bank account is one form of financial infidelity, a type of conduct that can be pretty tough on a marriage.
Recent research indicates that this form of financial infidelity toward a spouse or partner is more common among younger individuals than older individuals. Specifically, certain research found that millennial couples had double the likelihood of a spouse/partner having a hidden bank account than was the case for senior couples.
Why do you think hidden bank accounts are particularly prevalent among millennial couples?
When a person is divorcing their spouse, it can be vital for them to know if their spouse has any hidden bank accounts. Hidden bank accounts, when they go undetected, could be used to try to hide marital assets. Marital asset hiding could wreak havoc on the process of trying to reach a marital property division that is fair. Divorce attorneys can help divorcing individuals with looking into whether their spouse has any hidden accounts or other mechanisms that could pose a risk of being used for marital asset hiding and with other aspects of preparing for property division proceedings.
Source: silive.com, “Poll: Millennial couples more likely to commit financial infidelity,” Kathryn Carse, Feb. 3, 2016