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March 2011 - Your prospective spouse's credit rating may ruin your marriage life.

Your prospective spouse's credit rating may ruin your marriage life.

☳ by Adam Aspilla

Usually when you love a person you only see the good qualities of that person and not the bad. This is also true to your boyfriend or girlfriend whom you truly love. 

While it is good to focus on the good qualities of a person rather than the bad, but there are some exemptions. Example: if you know your boyfriend or girlfriend has a bad spending habit, you need to know how much she or he is indebted especially if you plan get married. 

Why it is important for you to know his or her indebtedness? Because if after your marriage, you apply for credit to buy a house, and your application for a mortgage loan is denied by your bank for your spouse’s credit rating is awful due to outstanding unpaid debts or being loaded with debts, as a consequence,  you will not be able to buy your dream house. 

Then, your relationship may go sour for you could not avoid blaming your spouse for not telling you before hand of his or her bad credit rating. When you blame your spouse, he or she may also blame you back for not asking about it before you got married. If would become a blaming game. If you could not handle your conflict properly on this issue, the worse-case scenario is, it could end up to a divorce which is very sad. In fact, one of the major causes of divorce is about finances.

To avoid conflict as in the above scenario, it is important for those who are planning to get married to disclose their finances to each other which include: income, expenses, assets, liabilities and other information that your prospective spouse need to know to avoid surprises when you are already married.

Furthermore, it would be prudent for both the bride and bridegroom to make a plan for their marriage together to include: number of people invited, where the marriage to take place, the reception, the honeymoon, and other related items that cost money to determine the amount needed for the marriage.

Once the amount is established both parties, should plan where to get the money. They may agree to save together to cover the cost of their marriage.

Planning is not only up to the honeymoon period, but it should also include after marriage especially financial budgeting.

His intended to last for life therefore, it is essential for a bride and a bridegroom to disclose their respective finances to each other before marriage including credit ratings especially if it is bad, for it could cause a conflict that could ruin a marriage.

 

 

Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.