Want Advice About Marriage, Divorce, and Credit
By: Deanna Mascle | Posted: 19th February 2008
On the wedding day the last thing any couple is thinking of is divorce. At such a happy time it is hard to think that the relationship might end, but it does happen. Thousands of people get married every day and over half the population is divorced. One partner's bad credit status might be overlooked in the beginning, or sometimes the stress of the bad credit can ruin the relationship before the couple gets to the altar. Still others might go on a spiteful rampage to run their ex into debt.
Couples discuss many things before getting married; kids, cakes, houses, in-laws, and a number of other important topics. Included in these discussions should be the money talk. Couples need to be aware that if one or the other has bad credit and one does not, applying for things like joint loans and credit cards will be difficult. They should be prepared for these joint applications being turned down. A common misconception is that if your spouse has bad credit, you will also take on that stigma. The only time this would affect the spouse with the good credit is in the case of a joint loan. Before walking down the aisle both partners should decide how they want to handle their financial future.
Being proactive about a situation never hurt any relationship, but instead has made the communication lines stronger. You should order copies of both of your credit reports, then sit down and have an honest conversation that outlines the when and how your partner got themselves into a jam. After having a heart to heart, try to enlist the help of a professional, and consolidate your debt. You may cut down on future strains and arguments if you have an expert that can tell you the truth without trying to sugarcoat things. If you or your spouse starts to be unable to see eye to eye on a situation, you will have your debt manager's number on hand to defer the argument to.
Then there is the divorce issue. If you have ever been divorced, you know that amicable is really a term that was created by divorce lawyers trying to make things reach a state that is impossible, therefore, increasing their bottom line. If you do have an amicable divorce (crazier things have happened), be prepared to hate the other with passion at least part of the time. The logic behind these tips is that if you liked each other enough to get along in such a Mary Sunshine way, you wouldn't be divorced. The best thing that you can do following a divorce is to protect yourself. You should notify credit-reporting agencies whenever you marry, legally separate, or become completely free. The agencies will record all of the pertinent information for the two people that are involved separately and it will help you to make separate transactions. You should also make sure that anyone involved in billing you in any way has your current address. As childish as it may seem, divorced parties have a bad habit of throwing away an estranged partner's mail. All of your joint accounts should be closed following a divorce, and in an ideal situation, all balances would be paid off. If there is an extensive amount of debt that has been incurred during your marriage, you should talk to your lawyer about writing in a plan to rectify the situation in your divorce proceedings. When it comes to divorce, nothing is valid unless it is in black-and-white.
Your marriage may not last, but your credit problems will haunt you for the rest of your life. No matter how much in love you think you are, be sure to cover your own best interests. It sounds cold, but in the end you will be thankful for it.
Learn more about money management and personal finance budgeting at http://answersaboutfamilyfinance.com/
About the Author
Occupation: writer/teacher
Teacher, coach, and writer
Deanna Mascle is a
Renaissance Woman Online who published four ezines and three newsletters as well as maintaining several web sites that reflect her experience and interests.
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Tags: common misconception, many things, credit cards, financial future, heart to heart, wedding day, strains, rampage, bad credit, stigma, proactive, eye to eye, communication lines, walking down the aisle, happy time, divorce lawyers