Here are a few hard and fast rules -- things you MUST do before you say "I do."
1. Pull each of your credit reports and review them line by line. Are you marrying bad credit or a huge amount of debt? These issues can cause animosity and resentment later -- deal with it up front! You can tell a lot about a person by how they manage their credit. 2. Review the last six months' worth of bank statements together. Spending habits are a common cause of marital discord -- get to know them up front and tackle potential issues early in the game.
3. Review the last six months' worth of credit card statements. Are balances increasing each month, or are they being paid in full? Are late fees being assessed? A lot can be learned about a person by reviewing their credit card activity, and it's less likely that there will be any "surprises" in the future.
4. Determine based on credit and bank records who is more fit to take on the role of "Family CFO." This person should be responsible for the payment of bills and the overall adherence to a budget.
5. If this is not the first marriage for either partner, it's imperative to review any past divorce decrees in detail. Know who's on the hook for what, and if there's any undisclosed liabilities or dependents.
Divorce can bring out the worst in people, so I've also compiled a few tips for the "soon to be divorced."
1. Change your address. When it comes to divorce, one thing is sure -- someone is moving out. Make sure your creditors know where to find you so that your credit isn't destroyed during the proceedings.
2. Pull your credit report, and bring it to the Attorney on the first visit. Debts must be itemized and awarded to one or the other, and a judge can't release you of liability to a creditor.
3. Pay off and CLOSE all joint accounts. The last thing you need is a vindictive ex-spouse running up your credit card balances, leaving you to hold the bag.
4. Change your PIN numbers and passwords. No one should have access to your funds but you.
5. Notify each of your creditors of the impending divorce. Ask that they notify you if any payments are not received by the due date. Protect your credit!
Life is full of hurdles and roadblocks, and it's unrealistic to expect to be fully prepared for all of them. I can, however, assure you of one thing: If you find yourself embarking on marriage or divorce, and you follow these few simple steps, the odds of your facing financial ruin in the wake of these life changes are greatly reduced. You may now kiss the bride.
1. Pull each of your credit reports and review them line by line. Are you marrying bad credit or a huge amount of debt? These issues can cause animosity and resentment later -- deal with it up front! You can tell a lot about a person by how they manage their credit. 2. Review the last six months' worth of bank statements together. Spending habits are a common cause of marital discord -- get to know them up front and tackle potential issues early in the game.
3. Review the last six months' worth of credit card statements. Are balances increasing each month, or are they being paid in full? Are late fees being assessed? A lot can be learned about a person by reviewing their credit card activity, and it's less likely that there will be any "surprises" in the future.
4. Determine based on credit and bank records who is more fit to take on the role of "Family CFO." This person should be responsible for the payment of bills and the overall adherence to a budget.
5. If this is not the first marriage for either partner, it's imperative to review any past divorce decrees in detail. Know who's on the hook for what, and if there's any undisclosed liabilities or dependents.
Divorce can bring out the worst in people, so I've also compiled a few tips for the "soon to be divorced."
1. Change your address. When it comes to divorce, one thing is sure -- someone is moving out. Make sure your creditors know where to find you so that your credit isn't destroyed during the proceedings.
2. Pull your credit report, and bring it to the Attorney on the first visit. Debts must be itemized and awarded to one or the other, and a judge can't release you of liability to a creditor.
3. Pay off and CLOSE all joint accounts. The last thing you need is a vindictive ex-spouse running up your credit card balances, leaving you to hold the bag.
4. Change your PIN numbers and passwords. No one should have access to your funds but you.
5. Notify each of your creditors of the impending divorce. Ask that they notify you if any payments are not received by the due date. Protect your credit!
Life is full of hurdles and roadblocks, and it's unrealistic to expect to be fully prepared for all of them. I can, however, assure you of one thing: If you find yourself embarking on marriage or divorce, and you follow these few simple steps, the odds of your facing financial ruin in the wake of these life changes are greatly reduced. You may now kiss the bride.
