![]() Once you’ve set the framework of income and expenses, it’s time to turn your discussion to dreams. Credit scores influence your ability to qualify for joint loans, so using community money to get rid of one partner’s debt ultimately could be advantageous for both of you. Will it be the responsibility of the one who incurred it? If so, your joint budget will have to allow for that - the income your spouse can contribute to the joint responsibilities will be less because he’ll be using some of his money to pay off those old debts.Īnother option is to include premarital debts in your joint budget. Decide from the beginning how you’re going to pay it off as a couple. If you’re just starting your lives together, now’s the time to talk about how much debt you’re bringing into the relationship. “It also starts the conversation about what expenses are non-negotiable, like a sports package for cable or a housekeeper.” “This will establish common ground and allow you to determine where there’s overlap,” he says. ![]() Eric Jorgensen, CFP with MainStreet Financial Planning, suggests comparing what each of you spent money on when you were single. ![]() When you work together to lay out a joint budget that addresses bills, spending and savings, it could even make your relationship stronger.Ĭommunicating early and honestly about money tells you right off the bat if you and your partner are miles apart and need to meet in the middle. Marriage is all about partnership and unity, and that applies to your finances too. ![]()
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