So you have decided to get married. No doubt you have planned everything with meticulous precision, right down to the smallest detail. However, there is an elephant in the room that no one wants to address. It’s time to have the debt talk – and how you approach the issue could make or break your marriage – before it has even begun. The good news is, with honesty, commitment and forward planning, there is no reason that debt should stand in the way of a lifetime of marital bliss.
They say a problem shared is a problem halved; but when it comes to debt, it’s not quite that simple. One partner may have significantly more debt than the other, for instance. However, that does not automatically mean that they are less frugal. Although a high debt amount should ring alarm bells, how that debt was accrued and the measures your future spouse is taking to address it, will paint a much more accurate picture of what you are getting into. This is why honesty is so important. When all the cards are laid on the table, you can assess where you are and how you want to move forward.
Marriage is all about commitment. You are not just committing to each other though, you are committing to each other’s debts as well. When having the debt talk, it is important to examine how each of you has addressed your own debts. Before you even think about marriage, both of you must prove a commitment to making regular payments towards debt, that won’t completely cripple your lifestyle. Approach the problem with the same precision that you would when planning your actual wedding. Make no mistake, debt is a big deal when considering marriage. Forward planning will prevent any nasty surprises; so make sure you are both prepared for the financial strains, before you say those vows.