In 1995 while Peter was on the set of an American movie An Unfinished Affair, he met an American actress Jennie Garth who was also starring the role of Sheila Hart in this movie. During that time she was married to Daniel B. Clark but she dissolved this married life and began her love affairs with Peter. They dated each other as a boyfriend and girlfriend and they also had their first child together Luca Bella Facinelli in 1997. They entered into the married life on 20th of January 2001 and as a loving spouse they welcomed two children. In the early 2012, they announced their separation and they finally got divorced on 11th of June 2013.
After Peter announced his separation with his first wife, he was spotted with Jaimie Alexander. Jaimie Alexander is also an actress and she is also famous for her role of Jessi on the TV series Kyle XY. They took this love life into an engagement in the early 2015 but they broke up in February 2016.
While Peter was in New York, he was enrolled at St. Francis Preparatory School. After that he joined New York University with a major in acting. He also attended Atlantic Theater Company Acting School during that time. After several years of acting classes, he was finally able to make his big screen debut in 1995 and he did it by starring the role of Lucifer in the movie Angela. He also starred in the TV series like Law & Order and The Wright Verdicts that year. He earned the name of an actor among his fans after playing the role of Mike Dexter in the teen comedy film Can't Hardly Wait in 1998. His breakthrough role came in 2002 after he began starring the role of Donovan "Van" Ray on the TV series Fastlane. He has been earning lucrative amount of salary as an actor and his net worth is said to be around $19 Million.