If you’re like many people, you’ll want to be in a marriage that is happy and healthy and will last a lifetime. Even though there are many advantages to being married, it’s still important to be aware of the financial factors that will likely come into play for you and your spouse. Here are four financial problems to consider if you plan to get married.
Determining what belongs to you, what belongs to your spouse and what you own together can be a troubling challenge for some couples. It can also be challenging to figure out if you should be paying separately or jointly on certain expenses. In many cases, debt and ownership that were acquired before the marriage belong to the individual who acquired them, but some states have community property laws that make the process of determining the responsibilities for debt and ownership more confusing. Talking to a lawyer and signing a prenuptial agreement can help make everything easier.
Not setting a budget for yourself can be troubling enough, but not setting a budget as a couple can be especially problematic. If you both tend to live beyond your means, debt and other financial problems could creep up and have major negative impacts on your credit and bank accounts. By agreeing on a budget and sticking to it, you’ll be able to save enough money to pay off any mortgages, auto loans or student loans that you might have.
It’s easy to spend money and enjoy the good life when things are going well, but both of you could find yourselves in financial ruin if no money has been saved. If you and your spouse both work, it’s advisable to set aside some money from each paycheck to be deposited into a savings account. You can also take a side job and put the money that you earn from it aside for emergencies.
A lack of communication can be harmful to your marriage in many ways, but your finances could especially suffer if you both shy away from discussing the issue. Not communicating will make establishing a budget and paying anything back that you owe more challenging. You and your spouse may also end up purchasing expensive duplicate items that aren’t returnable, and this can have an even greater negative impact on your finances.
Being married doesn’t always have to mean financial hardship. It you’re wise with your money, you and your spouse can enjoy many happy years together with some cash to spare.
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