Officiallythick

When it Comes to Marriage

Posted on 04 Jan 2011 by admin | Filled under: uncategorized

When you get married, it is difficult to believe that the relationship may not endure. However, that is sometimes the case. Sometimes, especially at the start, a bad credit report can be overlooked. But that can't last forever. It sometimes happens that, even before the pair get to say "I do", the stress associated with bad credit spoils the relationship. Some may even make extravagant purchases in an effort to mire their former spouse in debt.

When you are married, your spouse's bad credit is not your responsibility unless the debt is for a loan for which you both applied. You should understand that, if one of you has a credit issue, it will be more difficult for you to obtain a loan or credit cards as a couple. Don't be surprised if those joint applications are declined. That’s why it is essential that the topic of finances be discussed prior to marriage. Financial problems are the cause of most divorces. Often couples neglect to discuss finances in hopes that any issues will work themselves out. It very rarely happens that way.

Discussing the situation can't hurt the relationship; usually it strengthens the lines of communication. After ordering copies of both of your credit reports, you should examine them together and discuss them honestly. After having a heart to heart conversation, try to engage the assistance of a professional who can help you consolidate what you owe. Working with a professional will help eliminate future stresses and fights. Then, if you and your spouse cannot agree in a situation, you will have your debt manager's number handy and can put off the fight.

After a divorce, it is important to take measures to protect yourself. Whenever you separate or divorce, you should notify the credit-reporting agencies. The agencies make a record of all the pertinent information and assist each of you in making your own separate transactions. In addition, be sure that anyone who must send you a bill has your updated address. Although it may seem childish and petty, divorced people often toss out their former spouse's mail. After a divorce, you should close all of your joint accounts and pay all debts. If there was a lot of debt that accrued when you were married, you should discuss this with your attorney prior to the conclusion of the divorce proceedings and include a plan to correct this situation while the process is taking place. And remember that, in a divorce, all agreements must be in writing or they are not valid.

Although your marriage may not endure, your credit problems will follow you forever. It does not matter how much you love each other; you still need to look out for yourself and your interests. It may sound harsh, but the day may come when you will be glad you did it.