When you get married, one of the things that is probably low on your priority list is understanding how your finances will work as a couple. If you both have good credit, than this isn't really a problem. However, if one of you has less than perfect credit, it is an important situation to discuss. Protect yourself or your new spouse financially to ensure a happy future for your family.
First and foremost, if you or your new spouse has bad credit, take precautions to make sure that one person's bad credit does not create unnecessary problems for the other. This is most easily done by keeping your finances separate. You may also want to look into signing a prenuptial agreement. Although this is probably the last thing you want to think about as you plan your wedding, a prenuptial agreement is the best solution, especially when dealing with high amounts of debt or high incomes. It acts as security for both parties in the case of divorce. However, even if you deem a prenuptial agreement unnecessary, you should both talk about a personal verbal agreement to prevent arguments in the future. Protect your credit or your spouse's credit by knowing where you stand right from the beginning
Opening a bank account together can be a great thing or a disaster. In the perfect scenario, both you and your spouse will contribute and withdrawal equal amounts. However, rarely is this the case. Instead, it is better to keep separate accounts or to contribute in relation to your overall income. (For example, if the wife stays home with the children and works only part-time, she may contribute less to the account than her husband who works full-time.) If one spouse tends to spend a lot of money and accidentally overdraws on the account, it could financially hurt the other as well. The same is true for loans that you take out together-if one forgets to pay the bill, it will negatively affect the other. Instead of having one person be in charge of the bills every month, it is much better to set time aside to review them together each month. This way, you can both be sure they are getting paid. If one spouse has bad credit, he or she can use the other's good credit in the same way a co-signer helps someone gain credit. However, remember to always be financially responsible so that you do not ruin your spouse's credit or he or she does not ruin yours. This could lead to strains in the marriage.
If you are unsure how credit works after marriage or how you can work together to maintain or build good credit as a couple, seek help. Counselors and other professionals can speak with you about credit and the importance of establishing it together to provide a good financial footing for you future and a future family.
