Your credit is one of your greatest income builders, so protect it before, while, and after you are married. Often, couples act under the common misconception that once you are married, all credit accounts should be merged. This is far from the truth, or from necessity. When couples apply for joint accounts, financial negligence of one spouse causes the other to suffer. And though love may be for better or worse, your finances don’t have to be. Educating yourself on how to handle finances while married is a key factor to a strong marriage and credit history.
During the early stages of dating, still trying to figure out if he or she is the “one”, many times people overlook a major factor determining the success or failure of a marriage, CREDIT!! Financial issues are the number 2 reason for divorce after infidelity (cheating) so to avoid adding to that statistic, let’s focus on a few very important questions with you potential spouse or partner:
1. Can we discuss our credit reports and scores?
2. Can we discuss financial goals?
3. How do you feel about budgeting?
4. What are your spending patterns?
5. Do you have any past due and outstanding debts?
6. Who do you think should manage the bills?
7. What do you think about joint and separate accounts?
8. What are your feelings when it comes to money?
9. Do you feel that we should speak with a Consumer Credit Counselor for a pre-financial guidance?
10. How would you feel if I made more money?
I know it may seem awkward for some of you discussing credit and finances with someone you are considering spending the rest of your life with BUT, these questions can tell you a lot about the person you never would have known until it was too late. Take time in the early stages of your relationship to set financial and credit goals to begin building your financial empire and leaving a legacy for your children.