Debt and Marriage - Is it Mine, Yours, or Ours?

debt and marriageRemember Spy Kids 2: Island of Lost Dreams?  There is a part that shows two inanimate skeletons fighting over a necklace. Juni, one of the main characters takes the necklace for his own, and the skeletons wake up to find it.  When they finally get the necklace back, you see them fighting over it once more, each trying to prove, "It's mine!"  Money can be a person's favorite toy, even diamonds are a girl's best friend, but when you get married, sometimes the line becomes blurred as each spouse wonders what is mine, yours, and ours.  Money does not have to be a statistic for divorce, and here are some ways debt and marriage can work for you.

Pooling Debt

You have grown close to your money, and you want to keep it safe, and be responsible with it, so you opened up a bank account.  Now that you are married you wonder whether you should have a joint account or keep your accounts separate.  You can do both, and here is what each account will do for you.

  • Separate accounts-Before you got married, you both accumulated debt.  Now that you are married, you can both decide which debt you can help each other with, and which should remain your own.
  • Joint accounts--Set this account up for the debt you have accumulated together, and the debt that you decided that you can help each other with.

Savings Accounts

Life happens when we least expect it, so setting aside money--no matter how small--will add up quickly to deal with these issues.

  • First account--This can be used for car repairs, medical bills, sudden funeral costs, home repairs and replacements, and any other issues that might happen.
  • Second account--We all like to have fun, buy things like clothes and jewelry, and go places whether it is a vacation, to the movies, or out for dinner.

When you think of marriage things like love, a house, and children come to mind. Unfortunately, few people ever think of debt in the same equation. Debt and marriage requires work to be successful, and when you both put in the time, you will be one step closer to financial freedom and a long and happy marriage.

debt and marriage

Tags: debt and marriage, budget, debt payoff plan

Debt and Marriage: 10 Debt Questions to Ask BEFORE You Get Married

debt and marriageMoney is one of the topics couples fight about most often. Debt brought into marriage is an especially troublesome part of many couples’ money problems. Research shows that debt brought into marriage is the number one problem for newlyweds. Unfortunately, debt never rests, sleeps, or goes on vacation and as long as you have debt you will be in financial bondage.

Before you say, "I do," you should get to know each other's financial health.

10 questions to ask your fiancee that can help make your future life together a successful one:

  1. How many credit cards do you have?
  2. What are your balances and interest rates on those cards?
  3. Do you pay your bills ahead of time, on the due date or late?
  4. Are there dings on your credit history that might affect our ability to reach our financial goals?
  5. What is your credit score?
  6. Can I see your credit report?
  7. What are our financial goals (salary and saving expectations, retirement plans, future education, etc.)
  8. Do you have any assets (real estate, investments, retirement funds, savings accounts)?
  9. Do you want children? If so, what are your (our) financial plans for supporting them?
  10. Do you owe any debt from a previous marriage? Are there any financial obligations that still need to be fulfilled to your ex-spouse?

There are no correct answers to any of those questions. However, if your spouse doesn't want to chat with you about finances, consider this a BIG red flag.

If you learn that there is a large amount of credit card debt, extremely high interest rates on those cards or too many credit cards, then the time to take action is BEFORE you say "I Do". you should consult with a Debt Solutions Specialist to discuss your options such as Debt Consolidation or Debt Settlement.

If you or your fiancee would like to learn more about how to get out of debt before your big day, click the linke below for your FREE DEBT ANALYSIS or simply give us a call. 


debt and marriage

Tags: credit card debt, debt settlement, debt consolidation, debt and marriage