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Have you already met the person you want to spend the rest of your life with? Do you consider him/her the only one who will make you happy? If yes, then you are definitely discussing important questions about your marriage. However, besides the date of the celebration, or the list of your guests, there are other important matters to take into account. These questions relate to finance. Surely, you may feel inconvenient to discuss money with your significant other, yet there are still certain points you ought to talk over with your beloved. Here are five significant matters you need to make certain before saying “Yes” in front of the priest.
Are you a responsible person who does not love having debts? If yes, it might be too difficult for you to get along with one who constantly borrows money or has plenty of credit card debts. Even if your significant other is a responsible person who pays back his/ her creditors, the major part of your souse’s salary will go repaying the debts. Undoubtedly, this will negatively affect your family budget. You need to remember that you are not legal for your spouse’s debts, but if he/she can’t put toward household bills, you are likely to get irritated very soon. Therefore, check your future spouse’s debt condition before you walk down the aisle.
Besides the debt condition, there are some other matters to take into account. For instance, consider the overall financial situation including the credit score, savings accounts, retirement accounts or any other accounts of your spouse. You can freely ask for a copy as this is quite natural: you may be asked to provide the copy of your accounts, too. The reason for all this mess is that married couples usually apply for auto and other mortgages together. If the credit score of your beloved one is not sufficient or he/she has recently had other credit problems, this may become a drawback when dealing with banks.
Discussing the matter of handling finances before the marriage is preferable. Don’t wait until after the marriage as you may not come to an agreement. Talk about how you will share such financial responsibilities as grocery shopping, loans, utility payments, the rent, and others. Remember to consider the matter of having a joint bank account to pay all your household bills from it. Or perhaps your spouse will prefer to have a separate bank account? In this case, make sure you share the responsibility of paying the bills.
The Past is not always bright and prosperous. Many of us made mistakes in the past: you filed bankruptcy, dealt with a foreclosure, etc. The key is that your financial past may have a direct impact on your joint financial condition. Your credit report affects the capability of purchasing estate or car. And even if you just want to forget all about it, your significant other may acquire this as lying.
Marrying a purposeless man may quickly lead you to a disappointment. Before walking down the aisle, find out what plans he/she has for the future. Does your spouse imagine and plan his/her financial condition better in five, ten or twenty years? Does he/she have working plans toward recovery after a financial hardship? Just the same way, you need to find out at what age your future spouse plans to retire and what measures he/she has started to take for having a respectable senility.
Undoubtedly, it requires many efforts and sometimes much time to start a conversation on financial matters before marrying. All the points mentioned above do not mean you should leave your beloved alone just because he/she has certain financial problems and not walk down the isle. Just remember that having everything out on the table will make it clearer how you need to act to reach a financial stability together.
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