Although marriage can be a beautiful bond between a couple, the reality is that:
- Most marriages end in divorce.
- Finances and money issues are often involved in divorces.
- Divorces are a significant contributing factor when it comes to bankruptcy.
Given these facts, it’s essential that couples who are considering marriage discuss some essential aspects of both of their financial situations prior to marriage in order to ensure that they are fully aware of what they will be financially taking on when marrying their partner. Some of the key financial issues that should be discussed before marriage involve:
- Current debt – As you talk about how much debt you and your partner have, be sure to bring up any debt related to credit cards, tax debt, outstanding medical bills, home loans, vehicle loans and even student loans.
Getting a complete picture of how much debt each of you has can provide some insight as to how financially responsible each of you are, as well as the likelihood that you both will be eligible for certain types of loans (for larger purchases like a home) in the future. The discussion of debt can also inform you about whether or not it is smart to open up joint lines of credit with your partner in the future.
- Credit ratings – Ask about your partner’s credit score and be honest about your own credit score. While there are steps that you and/or your partner can take to improve your credit ratings if they are lower than you would like, in some cases, low credit scores can raise red flags about how financially responsible your partner may be.
For example, a low credit score could be an indication that your partner is not diligent about paying back loans; knowing this could inform you that it’s not a good idea to take out a large loan or open a new line of credit with your partner, as you will likely be stuck paying off the loan in the future (and if you are unable to do so, you could hurt your credit rating).
Colorado Bankruptcy Lawyers
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our experienced legal professionals are committed to providing each of our Clients with the debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible. For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950.