by Jonathan C. Noble, Esq. 3 minute read
Opinion – to lower the divorce rate, couples should consider exchanging credit reports before making wedding plans.
Being a divorce lawyer, I have seen more than my fair share of marital discord over finances. How a person handles finances before marriage is a fairly good indicator of how they will handle money after the wedding ceremony. Generally, most people do not suddenly adjust their spending habits or their relationship with money on their wedding day.
Do you really know who you are marrying?
A majority of Americans have more credit card debt than they have in savings. Many couples who are in a serious, committed relationship know very little (to nothing) about the credit card use, spending habits assets, and debts of their significant other. Some people turn a blind eye to the lack of financial acumen possessed by their significant other. Some people think their significant other’s spending habits or relationship with money will magically change once the wedding takes place. These people are nearly always in for a rude awakening.
A prenup may help, but old (spending) habits die hard
A properly drafted and properly executed prenuptial agreement can usually help shield one or both parties from the debts incurred separately by the other party before the marriage. A prenup can also be drafted to shield one or both parties from debts incurred by the actions of one party during the marriage. However, shielding a party from large debts or runaway luxury spending (without the resources or income to support it) during the marriage, on an ongoing basis, can put a strain on any marriage.
If you are considering marriage, an hour spent with a family law attorney, before wedding plans are made, is time well spent.
Bottom line: be informed. Know how marital debts are divided in your jurisdiction in the event your marriage does not end “happily ever after”.
Thinking about getting married? Contact me at 610 256 4843 to book a consultation. I invite your inquiry.
