A Shared Life with Shared Debt

By: Michael Millington

You’ve finally found the love of your life. You’ve popped the big question and you got the answer you were looking for. You’re looking forward to the rest of your life together and you can’t wait to get started. Naturally, the last thing on your mind is whether debt will factor into this new union. Unfortunately for many debt is real and it’s ever present, even on the happiest day of your life. That doesn’t mean it can’t be handled. Dealing with debt takes on a slightly different appearance when dealing with another individual, but making sure it doesn’t ruin the life you have planned is the main goal and there are ways to ensure that it doesn’t.

 

Be On The Same Page

Making a commitment to another person is a lengthy endeavor filled with trust and understanding. The same can be said to committing to eliminating your debt. Both you and your partner need to be on the same page when talking about debt relief. Tackling debt is a task that requires dedication and both sides need to be moving towards the same goal. It can be especially helpful to discuss your financial goals before marriage to avoid any surprises from popping up after the ceremony is well and gone.

 

Be Open About Your Debt

Any relationship you can think of is based on one thing: trust. If there is no trust then there is no relationship. With that being said you have to trust in your partner to be the other half of your debt elimination plan. Everything up until this point was only about you. If you add someone else into the mix then you have to be willing to divulge any and all debt information to them and, in turn, garner as much information from your partner as well. Being upfront about your debt is a surefire way to make sure it gets dealt with swiftly.

 

Educate Yourself And Your Partner

Awareness is key when dealing with debt in a relationship. Make sure you monitor the spending habits of your spouse as well as yourself. You have to act as a check and balance for the relationship to make sure you’re able to reach the goals you and your partner set for the future. Getting a joint account is one way to help familiarize yourself with how your financial situation stands as a couple. Also be sure to note whether state laws label your relationship under common law or community property. That could be the difference between sharing debt and keeping debt to yourself.

 

Seek Professional Help

If you and your partner are struggling with debt, there is help out there. Going to a professional might be the key to getting you out of debt. A debt settlement company could help to eliminate or reduce these debts and get your finances back on track. They will also guide you every step of the way and provide you with tools to get back in control of your spending habits. You might not see results right away but once your debts are settled, you will see both of your credit scores and personal finances improve for the betterment of your relationship.

 

Make sure you don’t let debt related issues keep you from enjoying your spouse. Make the most of your union by committing to the solution, trusting your partner to do that same and never giving up. As long as you stay focused on your goals you will have no problem conquering your debt as a unit.