♫ Debt and Marriage, Debt and Marriage . . . ♪
By Chip Parker, Jacksonville Bankruptcy Attorney on Apr 16, 2007 in Benefits of Bankruptcy, Florida, General Bankruptcy Information, Marriage and Debt
Ahhh, Spring is in the air, and love abounds everywhere. As Americans enter the unofficial wedding season, there’s no better time to talk about . . . debt.
Everyone has heard the statistic: One-half of all marriages end in divorce. The number one reason? Money.
So, what are lovebirds to do? The answer is very simple, actually: Communicate about your financial circumstances, and I mean full disclosure.
Now, you probably do not have to go to the extreme of an anonymous couple who has gone public with their pre-marriage finances on their blog – www.makelovenotdebt.com, but you and your fiancé should at least exchange credit reports. I know, that doesn’t sound very romantic, but marriage isn’t always about romance. Marriage is partnership, and if one partner is in debt, it is going to be the couple’s problem. Couples should set actual financial meetings to discuss earnings, debt, retirement, and short and long-term financial goals. See Rachel Lynn Foley’s article on obtaining a your credit report for free.
In cases where one or both partners are in over their head financially, meeting with an experienced bankruptcy attorney to discuss the “bankruptcy option” has become commonplace. Pre-marital bankruptcy may actually help to ensure that the marriage gets off on the right foot.
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