Credit Checks And Marriage
by Ellise Walsh

Money problems are unfortunately one of the number one reasons leading to divorce each year. Differing views on how to spend money, resolve financial problems and handle credit issues can lead to explosive arguments, resentment and ultimately divorce. Too many times couples just assume everything will work itself out and fail to discuss the real root of their problem. Ignoring the fact that a couple has completely different views on how to spend and save money is tantamount to ignoring a raging bull headed straight for you. Both will end is disaster.

Frank discussions and the use of credit checks can help to alleviate many potential money problems before they even start.

The first course of action a couple should take to insure the financial well-being of their marriage, as well as their continued happiness, is to openly discuss their feelings regarding money matters prior to the marriage. Discussing money can be uncomfortable for couples, especially if one individual makes significantly more than the other. It is a must, however. A person’s viewpoint on money is often defined by what they saw growing up and since no two families are the same this often results in a myriad of viewpoints. Couples should first discuss their priorities with money; what is paid first, what is considered to be necessary items and what is considered to be luxury items. The definitions each person places on what is needed and what is simply wanted are often surprising and can lead to frank discussions. Couples should also discuss how they will budget their money in terms of savings. One person may be accustomed to setting aside a standard 10% of every paycheck while the other may not have a behavior pattern of saving anything at all. Finally, couples should decide who will handle the money and pay the bills. Some couples, especially professional couples who have lived independently for a number of years, prefer to maintain separate bills and accounts. This practice can certainly make things less sticky and allows each person to retain their own sense of individuality.

Couples should run a credit check prior to entering into matrimonial bliss. Running a credit check will insure each knows where they stand in regards to their financial health and may help determine how finances are handled later as a married couple. For instance, if one person in the relationship has poor credit while the other has stellar credit, it may be necessary to do some adjusting on whose name what goes into. When marriages end, individuals are often surprised by the fact that even though they personally had no credit problems, the financial management system of their spouse has a detrimental effect on their own personal credit.

After the marriage, some couples find it beneficial to sit down once a month and discuss what is going on with their money. The conversation may involve simply paying that month’s household bills or a more involved discussion regarding budgeting or major expenses.

It is particularly important for women to maintain at least some accounts in their own name after marriage. Women who allow all of the household accounts to be in their husband’s names are setting themselves up for financial disaster if the marriage ends and the husband had poor bill paying and financial management skills. Because accounts that are opened after marriage in both spouse’s names are considered to be the responsibility of both parents, the man’s poor credit will reflect on the woman, despite the divorce, and she may find herself unable to get needed financing for everything from a credit card to an automobile purchase. Furthermore, it can take years to eliminate the former husband’s bad debt from the wife’s financial record. The best course of action for everyone is for both the husband and the wife to maintain a least a couple of separate accounts they pay themselves.

Finally, while everyone enters into marriage hoping it will last, the sad reality is that at least half of marriages end in divorce. In order to protect oneself, it is important for each person in a relationship to stay on top of what is going on financially. Waiting until the marriage crumbles is not the time to find out that the money you thought was going into a special savings account instead went to support a shopping habit or for sports tickets. Running a credit check on yourself once a year is a financially healthy habit to get into. This lets you spot problems and errors before they become huge issues. The earlier you spot financial problems, the sooner you can handle them.

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