Marriage is not based only on love and romance, rather it is a business-partnership of two people. Each partner has a different financial history and it is important for you to resolve financial concerns before getting married. Work with one another to improve credit scores and debts before entering marriage so you will not have to face these problems once you are financially aligned.
Many studies have been conducted about married people vs. unmarried people. Each one has found that a person who gets married will accumulate more wealth than a single person. This means that marriage generally has a positive effect on your finances. It only has a negative impact when one partner is financially dishonest or the the couple has constant disagreements.
It is important to establish a financial plan together before getting married. That way you both know what to expect and what you are looking for.
Often businesses fail and partnerships dissolve. This is the same in a marriage that ends in divorce. A common foundation for divorce is debt and financial disagreement. Because of this it is very important to stick to a financial plan you both agree to.
You should plan on reviewing your financial plan together every couple months. This way you make sure everything is going well and you don’t get irreparably off track.
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