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  • Financial Matters to Consider Before Getting Married (Part 1)

    Because financial problems can lead to divorce, and divorce is a leading cause of bankruptcy, discussing finances prior to getting married is essential.

    Because financial problems can lead to divorce, and divorce is a leading cause of bankruptcy, discussing finances prior to getting married is essential.

    While marriage creates a wonderful bond between two people who are in love, it does join much more than these individuals’ families, and it’s important for couples who are considering marriage to consider all aspects of their lives that will soon be joined – including their finances. Because money and financial problems can be stressful enough to lead to divorce (and divorce is a leading cause of bankruptcy), discussing the state of each partner’s finances prior to marrying is a good way to ensure that the couple is starting off their marriage on the right foot.

    Some of the important finance topics to discuss prior to getting married include:

    • Debt – Ask how much debt your partner has and be open and honest about how much debt you have. When discussing debt, be sure to include debt related to student loans, car loans, medical bills, credit cards and taxes. How much debt your partner has can impact his or her ability to pay for future large purchases (like a home) down the line, and it can also impact his or her credit score. It may also be a window into how financially responsible your partner is and may give you some indications that you should not open up joint lines of credit (if your partner has a history of defaulting on debt).
    • Credit scores – Although low credit scores can be repaired through diligent efforts, if your partner has a low credit score due to having defaulted on past debts, this may be a sign that he or she may not be able to pay off future debt (acquired in both of your names), which could ultimately hurt your credit score. In such cases, it can be a good idea to postpone a marriage until the partner with the low credit score is able to build it back up.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.


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