Archive for the ‘debt’ Category

‘Til "Debt" Do Us Part

September 28, 2008

Budgets, bills and debt can be points of marital conflict. Conflicts relating to finances can be a major cause of the demise of a marriage. Many of the challenges of marriage and money can be avoided by either sharing the responibility of finances within the marriage or assigning a partner to oversee all financial matters.

Communication, honesty and trust are a few of the necessary tools that make for a successful marriage of your finances. Understanding that, as individuals, we each have our own unique styles of handling and managing finances. That is why it is important to discuss each of your styles prior to the marriage. A few key questions to discuss are:

Should you maintain seperate or joint bank accounts?

How will you make spending decisions?

Will you implement monthly spending budgets on groceries, clothes, ect?

Who will be responsible for paying the bills?

What are your credit and debt histories?

What are your saving and investment goals?

Do you have a retirement plan?

Do you have life insurance policies?

Do you have wills?

There is no one answer to any of these questions. Each couple must identify what will work best for themselves. Since disagreements about finances are attibuted as the number one cause for divorse, you alone as a couple have the power to ensure wedded bliss over divorce court when it comes to finances and marriage. Talking openinly and honestly about money matters can ensure money harmony within a marriage and, ultimately, result in the goal of marital harmony as well.

You can request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.
Go to www.annualcreditreport.com