Deciding to get married is one of the most monumental decisions that a couple could make, as this is a decision to hopefully spend the rest of your life with another person. However, what is often lost in the midst of marriage is the financial implications of getting married.
If you thought it was important to be financially responsible when you were single, then being responsible when you’re married is monumental, because many of the rules changes. Being married means that you and your spouse become a team. However, that also means that you also have to combine financial responsibilities and burdens. There are also decisions that should not be made when in marriage. Here are four such decisions to avoid at all costs.
Having Joint Accounts Before You’re Ready
The idea of joint accounts with married couples is a topic of much controversy. Having a joint account is fine only if you have no doubt whatsoever that each spouse would be okay with seeing how the other spends, saves and so on. However, it is far more feasible to still have separate accounts and manage money independently.
In fact, each spouse could have a separate and a joint account. Even if the bills are being split down the middle, checks can be written separately for various bills and financial goals can still be reached in the process.
Joint accounts tend to be one financial pitfall that can cause dissension and conflict within a marriage because there is a lot of trust issues. If you make a joint account when you are not ready, there are severe implications that can come after. For more information on sound financial decisions, you could visit Finance Solutions.
Hiding Money
Not only is this not a sound decision financially, this is a matter of trust. Also called “financial infidelity”, choosing to hide money from your spouse will no doubt cause further conflict. If you want your relationship with your significant other to last for a long time, there cannot be any secrets.
In addition, if you make the choice to hide money, more often than not it is indicative of a deeper underlying issue that has yet to be addressed. If you cannot come straight about why there are separate accounts and money being hidden from your spouse, then there is a clear communication barrier that has to be addressed before it compounds itself into a bigger issue.
Purchasing a Home With Heavy Debt
Purchasing a home is a huge financial responsibility, because you will not only be paying for a monthly mortgage, but you will also be responsible for daily utilities and other expenses.
However, if you neglected to tell your spouse about your heavy burden, this could potentially harm your chances of purchasing a home. This is especially the case if you are struggling to make payments. Having heavy debt and a home to take care of doesn’t mix. If there is any debt that you already have, this has to be discussed with your spouse prior. Finance Solutions has more resources to help you if you are having trouble