Archives - Business: Page 9
Author: Thrty2Mars (Wed Apr 04, 2007 1:42 pm)
Title: Marriage and Money
A recent article in Newsweek detailed the usual pitfalls that newlyweds encounter when it comes time for taxes and other money related situations. The author talked of the ever important credit score, and what to do if one partner's score is dramatically better than the other. This is especially important in mortgage lending because lenders will generally use an average of the two scores, or might even take the lower of the two.
Sometimes spending habits must be monitored and curbed to a comfortable median. This will decrease the money-related conflicts that arise early in a marriage. It is also a good idea to disclose any debt or other financially important information before its time to do the taxes. Your partner won't be happy with these late disclosures.
In the situation of mortgages, there are ways around the low score. For instance the mortgage can be put in one persons name alone while the house be placed in both parties names. The only issue with this is if the higher score spouse does not make enough to cover the mortgage. I pose this question to you; what do you do when you find out that your spouse has debt? Do you leave them? Does the debt somehow change the love that you have build? The problem that young couples today face is that they build their relationships based on finance and not based on the love or happiness. Everyone is looking for a power partner to help get above the median.
If you find out your partner has debt, it depends on how you found out. I would hope that your partner came to you in honesty and told you everything, rather than hiding it. Either way, you're right that love should be the foundation of a relationship, not money. The article gave some tips for newlyweds on how to avoid money-related arguments. Having debt isn't a good reason to leave someone, but being with someone who spends every dollar they ever earned is going to be difficult for someone who likes to be responsible with their salary. These are the things that need to be discussed before marriage, because both participants will share money they made separately.
Well a solution to that is
Don't share money. Marriage is two individuals coming together. You should be able to attain all the things you want in your life by yourself, this way you don't have to worry about the spending of your partner. There money is theirs and yours is your own. That eliminates the issue of money and you can focus being happy with them.
You might think so, but experts suggest married couples get joint accounts to share the money. If not, they will constantly argue over who is buying what. For example, "I bought this and I bought that, you haven't bought any of these things, they are all mine"
If couples are arguing about such trivial things then maybe they shouldn't be together. The fact is when you are in love it really doesn't matter. You bought this, this time, however, you know that your other half will pay you back at some point. You shouldn't have to keep track of who buys what and you shouldn't have to worry about them letting you spend all your money.