Marriage and Money. Marriage can be challenging, especially when it comes to family finances. Many studies suggest that financial issues are the most common sources of contention in a marriage and a common cause of divorce. Following are some of the mistakes that married couples make when handling questions about money.
- Not dealing with a spouse’s debt – It is common for you and your spouse to enter a marriage with a certain amount of debt, or to acquire debt during the course of a marriage. For example, you or your spouse may acquire debt for education, to start a business, or to pay for medical expenses. A common mistake that people in a marriage make is to treat a spouse’s debt as only a problem for the spouse. Either spouse’s debt affects both people in a marriage. Even debt acquired by a spouse before the wedding day can negatively impact your credit rating. You and your spouse should make a plan to handle all debts as a couple.