Question: Are debt counselors in your future? What should couples know about money before they marry?
Answer: If you and your future spouse have not fully discussed view on finances, be sure to cover the topic in detail, as well as many other important issues, before you make the final leap into holy matrimony.
Premarital counseling is always a good idea because it gives you and your partner a clean line of discussion.
"Money and success don't change people;
they merely amplify what is already there."
- Will Smith, Actor |
If you have not talked about important issues such as finance, religion, family planning, etc., doing so before the actual marriage will help to avoid any surprises later.
Money management is one of those important issues that should never be overlooked. Debt counselors will tell you that finances are the single most common reason for divorce. Even a good relationship can sour quickly when something goes wrong with the household finances.
When stress and anxiety enter into a relationship it can lead to a highly charged environment that may include to emotional outbursts, arguments and possibly even irreparable damage to the marriage.
Knowing each other’s financial positions and credit history well before the marriage takes place will not only inform you of any problems, but also help you to better plan for your financial future together.
Specifically, there are a few financial questions you should answer before saying your “I do’s”:
- Have either of you ever had credit trouble?
- Are either of you in major debt of any kind?
- What do your credit reports say about your past financial decisions?
If any of these factors present negative information, such as a past loan with late payments, this does not necessarily mean that you should immediately call off the wedding. It just means you need to have a deeper understanding of these issues.
Open communication when it comes to finances, and most things in general, helps to prevent any future issues. Find out what happened to cause the defaulted payments. Was your partner abruptly laid off from his or her job? Were there multiple late payments or just one?
Try speaking to debt counselors together in order to get a better view of the overall picture. It is important to remember that just because a blemish exists on your partner’s past credit history does not mean he or she intends to make the same mistake again.
Debt counselors can also help you plan for your future, especially if you are looking to purchase a house or move to a different location. Together, you can pool your finances and organize a budget that will help you reach your goals and, if you are both in debt, determine how best to quickly pay it off.
Don’t make the mistake of avoiding a conversation for fear of making the other person uncomfortable. If this person is truly Mr. or Mrs. Right, he or she will appreciate the fact that you are thinking ahead to ensure a happy and prosperous future together.
"Money was never a big motivation for me,
except as a way to keep score.
The real excitement is playing the game.”
- Donald Trump |
|
Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
