Did you know that money is one of the most common reasons why couples fight? It's also one of the main reasons people get divorced, which might not come as a big surprise. This is a good example of why it's important to talk about money and get everything about money out in the open for a healthy and happy relationship.
You may be thinking about buying a home if you are getting ready to start a new life with your new husband or wife. You may already know that a potential lender will look at both your credit history and that of your spouse when deciding whether or not to give you a loan. You might not know that some landlords now check their tenants' credit, which means that your credit history can also affect your ability to rent a home if that's what you want to do. The best way to get ready to rent or buy a home is to sit down together and talk about your income, debts, and payment history. In some situations, it might be best to share your credit reports with each other so that you don't get any surprises down the road. This will not only give you a good idea of how lenders will see your creditworthiness, but it is also the perfect time to find and fix any mistakes in your credit reports.
Many couples have trouble figuring out how to combine their finances. Do we keep our money separate, or do we put it all in one joint account? If you aren't sure what to do, it's fine to keep track of the money as "his, hers, and theirs." If you and your future spouse-to-be want to keep your money separate for now, all you have to do is open a joint checking account to pay bills and other costs.
If you want to have the right amount of money and the right amount of love in your relationship, agree to talk about money in an open and honest way. Even though this may be one of the most sensitive topics for many couples, it's best to talk about the problems and solve them right away. In the end, you and your partner will both be much happier, and your relationship will be much healthier.
This article's information is only meant to be used as a reference. It should not be used as, in place of or in conjunction with professional financial advice. Talk to a financial advisor in your area for more information.
