Credit 911: Secrets and Strategies to Saving Your Financial Life

CHAPTER 3

Affairs of the Wallet: Marriage

My theme in this chapter is best summarized by the words of Isadora Duncan, who wrote in My Life (1927), “Any intelligent woman who reads the marriagestrange contract, and then goes into it, deserves all the consequences.”

This is so true and it applies not only to women but to men as well. There is a tendency to romanticize the whole process. Prince Charming takes you away to live happily ever after, right? In over half of all cases, that simply never happens, and, in fact, entering a marriage without full disclosure is a disaster waiting to happen.

Never say “I do” without full disclosure; you are heading for a marriage full of trouble. Secrets are a big red flag.

What You Need to Know before You Say I Do

By “full disclosure,” I refer to the financial realm and not merely the romantic. A few basic ground rules for anyone thinking of getting married have to be followed just to protect your finances, credit rating, and future. So many “perfect” marriages are begun without this essential, logical, and rational step. It is not taken for several reasons:

1. You don’t want to threaten the romantic bubble. An engagement can be one of the most romantic times of your life. It is probably going to be far more blissful than your marriage. I am not only a cynic about this; I know from experience and from the experiences of many clients that this ...