I now pronounce you debtor & debtor
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Although love is said to be the most important part of a successful marriage, money is often a leading cause of divorce.
"The time to talk about money is not after you walk down the aisle and say, 'I do,' " said Linda Descano, president and CEO of Women & Co. in New York. "It should become part of the conversation as soon as you realize you are in a serious relationship.
"When you talk about money, it can be an emotionally charged subject," she said. "The emotions are not about money, but what it represents -- security, independence and quality of life."
Civil court records show marriage licenses and divorce decrees hit a peak in Allegheny County in 2005 and then declined until 2009. By 2010, both marriages and divorces here were back on the rise.
"Because of the economic recovery under way since the beginning of 2009, the rising marriage licenses and divorce filings could well be related because people are getting stronger financially," said P.J. DiNuzzo, president of DiNuzzo Investment Advisors in Beaver County.
Pittsburgh family law attorney Karen Ackerman said she was often surprised by the number of people who have no idea how much debt their partners have.
"There are people who don't even know how much their spouse makes because their checks are not deposited into a joint account," said Ms. Ackerman, a sole practitioner located Downtown.
"I'm surprised there are so many who don't know what the household income is. They don't know how much income is available to their families or where it's going."
While researching his book, "Money and Marriage: A Complete Guide For Engaged and Newly Married Couples," Matt Bell interviewed several divorce attorneys who told him that when marriages are on the rocks, couples are usually living separate financial lives.
"One person will take the couple to the edge of a financial cliff by racking up a lot of debt," he said. "By the time the other finds out, there's a lot of debt, and all respect and trust is lost as well."
Recently married himself, financial adviser Anthony Criscuolo of Palisades Hudson Financial Group in Fort Lauderdale, Fla., is convinced that full financial disclosure is the most important policy future married couples can have toward each other.
"The biggest mistake newlyweds can make is avoiding the money conversation completely," he said. "Money issues will come up ... so by avoiding the money conversation, your marriage is essentially starting off against the odds."
First Published April 14, 2011 12:00 am
