Apparently nearly everyone agrees. Talk to _him._ In this society today, there's too much of "Well, it's his business, I'll stay out of it, I won't call him on it." It's very hard, but if you disapprove of what a friend is doing you should tell him so, and why. Maybe he won't be your friend anymore, but by saying nothing you're tacitly agreeing with what he's doing.
Past that point, I wouldn't go. I agree not to tell his wife. Now if he were getting ready to run away with some other woman and take the checking account balance with him, then I'd tell his wife because he'd be hurting his kids, too, and things couldn't possibly get worse by telling. But only if something like that was on the table.
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