Marital debt refers to expenses that are incurred during your marriage like credit cards, mortgages, car loans, medical bills, and more. It also includes property either of you purchased during the marriage, regardless of whose name is on the title.
When two people enter a marriage, expenses are naturally doubled. For instance, both of you might need a car to get to work. You will also encounter medical, social, and essential expenses like food, clothing, and often a bigger place to live. The good news is that if you are both working, you now have two salaries to work with.
To start off on the best foot, it is important to discuss finances before the big day. Explain to each other how you envision managing money as a newly married couple. What if one of you is frugal and the other is an impulse shopper? To avoid arguments, come up with a compromise that makes you both happy. If you can’t do it on your own, seek help from a financial expert.
Is it any surprise that money is the number one issue married couples fight about? If you aren’t on the same page, it can send you straight to divorce court. But if you follow a strategy and learn to compromise, both parties can meet in the middle and spend happily ever after.