Go Through The Finance Checklist Before Getting Married
Most people get their chances at marriage; however, not all wedded couples have the chance to
be at ease after their marriage due to financial constraints and problems. There are a lot of
things that couples should discuss between them and think hard about before deciding to get
married. From a financial perspective, a marriage can be compared to a joint venture, where all
the pros and cons of a wedded relationship have to be evaluated. This evaluation is not done to
carry out the negative effects of being married but is done to avoid committing any mistakes that
wedded couples make during the course of their marriage. Listed below are some financial tips
that wedded couples could opt to follow:
1. Wealth management specialists and couple psychologists consider it very important that
couples disclose all of their finances to each other. This is done in order to save
marriages from financial problems that could have a negative impact on their marriage
and become the reason of their divorce.
2. Talk about your debt, credit history and your assets. This will become very important in
managing your finances and budgeting your money. Moreover, this is useful as well on
deciding whether to get a prenuptial or not.
3. Past in terms of foreclosures and bankruptcy should not ever be kept hidden. This is
because it will hurt the relationship. Before getting married, do check credit score and
make sure that both of you are updated about each other’s credit reports.
4. Make sure you conduct effective merging of finances and do wise financial decisions to
avoid unnecessary conflict. Listed below are some of the things that should be shared
Ownership of Home
Make sure that both of you own the house, allowing the other spouse to acquire the house in
case the other dies.
Responsibilities of Mortgage
It is often noticed that banks prefer to lend mortgage if there are two names listed under who
loaned the mortgage. It gives the bank additional protection in case the other spouse does not
Health Care Benefits
Financial planners recommend that couples apply for health insurance together and there is no
need to get a separate cover for each of the spouse. Do not forget to check what each health
care company provide and what they cover.
Investments without the Retirement Perspective
Investments other than the 401(k) plan or IRAs should be made jointly for convenience when
This is one area where being wed brings not only convenience but also the advantage of
earning more because of lesser tax deducted from the salaries.
Keep in mind that your credit scores are subject to all the financial decisions you make as a
single individual or a couple. Make sure that you discuss all of your finances before getting
married and plan out how to tackle debt and other financial constraints to avoid unnecessary
Are your getting married? Get a good wedding planner and both of you should get your credit
report soon so as to determine your financial status before and after marriage. Also, have a
credit check regularly for a healthy financial life.