So, naturally you and your spouse are supposed to comingle your money when you get married. You were also supposed to divulge ALL of your financial issues, BEFORE you got married right, WRONG. That is not always the reality of the situation. Sometimes the love of your life does not know what he or she owes the bank that he had when he was 25 years old or the credit card that she got in college. And you come into your relationship financially blind, thinking that everything is going to be all peaches and cream.
About a year into your marriage, your joint account gets hit for $500 without any warning. Now, you are both shuffling around trying to make ends meet and trying to figure out what happened to the $500. And then the letter comes in the mail saying that your bank account funds were ceased because your spouse owed so and so this amount of money from 15 years ago, WAY before you guys even started dating.
The reality is that we do not always divulge our financial background to our significant other. No, it should not be like this, however, it is. What does need to happen is that you and your spouse, fiance, or mate should sit down right now and have a serious discussion. You talked about children, where to live, where to go on your honeymoon, what gifts you want for the house, even what to make for dinner, but did you talk about what hundreds even thousands of marriages end over every single year? MONEY!!! Money matters is one of the leading causes for divorce. Over 20% of marriages end because of financial issues, arguments, and ignorance. Do not let that be you.
You are probably saying, well Shantrell, how can I do that? We barely talk about our money problems. Well, in this case, silence IS NOT golden. It is time to get out the notepad and pen and start writing down everything that you owe and ask your spouse to do the same. Also, use THESE QUESTIONS to get to know each other a little better.
Once you have everything written out of what you think you owe, contact the three credit bureaus, Transunion, Experian, and Equifax, to see what they are reporting on your credit report. This will show you exactly what you need to tackle to get your credit in order.
Next, you will want to contact the offset office at 1-800-304-3107 to see if there is any money owed for student loans or to the IRS.
And Finally, you will want to sit down once again and make a plan to track your income and expenses. You can do this by using an application like Every Dollar or Mint or you can keep track of everything on paper or a spreadsheet in your computer. Whatever way the two of you decide on, it will assist you in knowing where your finances stand so you can make your financial plan for the future and this means that you BOTH WIN.
Watch this video to give you even more insight into managing money as a couple