Yes, I Will Marry You and Accept Your Debts

Many people do very little to prepare for marriage immediately they seal the proposal deal with, “yes, I will marry you”. As soon as that is achieved, they immediately start preparing for the wedding ceremony with very little preparation, if any, for the marriage. Marriage is not just a continuation of friendship but rather marriage has specific roles and challenges.

If you are about to get married and one was to ask you why you think your marriage will succeed. The most probable answer would be she is a good lady, I am a cool guy, and we are in love. Another answer would be she is a devoted Christian and I am a staunch believer. The truth is this is not a guarantee that your marriage will succeed and be fulfilling.

There are some crucial issues that a couple needs to understand and discuss before marriage. One of these issues is how you handle money in your marriage. In most cases, the problem usually is not the amount of money that a couple has, but rather in their attitude toward money and how they handle the money. The good Bible says that the Love of Money is the root of all evil. The Bible does not say Lack of Money is the root of all evil.

Immediately after the wedding, you no longer have anything you can call “my money” and that all you have is “our money”. This is easily said than done. It is no longer “my debts” and “your debts” but rather “our debts”. When you accept each other as partners, you accept each other’s liabilities and assets. Before marriage, always make a full disclosure of your liabilities and assets to your partner.

Now that you have wedded, how do you spend “our money”? Only full and open discussion will work in financial decisions. You are partners and not competitors. No major purchases should be made without consulting your partner. You may define and agree that for any purchases exceeding $1,000, you have to consult each other.

If the newly wedded couples are not careful with debts and credit, they could easily find themselves in financial bondage from unwise credit purchases.

Handling Money after Wedding

MyPage is designed to help beginners and average readers make money online.