The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
When you first meet someone and if you eventually get married, everything is bright and the possibilities seem endless. As life goes on, it’s easy to get caught up in the day-to-day busy-ness. Before long, you’ve got mortgage payments, car bills, kids — and maybe credit challenges.
If I could tell every newly married couple one important thing it would be this: Talk about finances early and often. It’s a good idea to keep the lines of communication open, so you can try to understand your partner’s upbringing (because that will illuminate how they handle money), and I also believe you should each maintain your own credit.
Money isn’t everything, of course, but it is pretty important when it comes to paying the bills and making sure there’s food on the table. And a newly married couple often pools their resources (like shared bank accounts and co-signed loans) to provide for the family. Additionally, it’s a myth that once you get married, your credit and your partner’s credit is combined — rather, people keep their own credit.
We know that not all marriages work out as expected and divorce is an unfortunate reality at times. You never go into marriage wanting to get divorced, but it does happen.
And if a divorce does take place, finances will play a major role.
For that reason, I urge every married person to talk openly and honestly with their partner about finances before and during marriage.
In additional to that, I also encourage every individual to maintain healthy credit. Because credit scores do not combine in a marriage, your individual healthy credit will help you get the things you need (such as a house, car and maybe college for yourselves or children).
But if a divorce should occur — of course, you hope it doesn’t, but if it should happen — your healthy credit is one of the best ways to get through the transition. With healthy credit, you’ll have a stronger financial foundation to help you land on your feet. You’ll also be more readily able to shake off the financial burden that can occur during and after a divorce.
I firmly believe that a healthy marriage, and even a healthy divorce, are partly the result of healthy credit. To get started, you and your spouse can take a look at your free credit report summary, updated every 14 days, on Credit.com. This will give each of you an idea of where you currently stand, as well as areas that may need attention to help you improve your credit score.
Image: Xavier Arnau
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized
January 28, 2021
Uncategorized