Getting married should be one of the most exciting times in life. It can also be very stressful. Aside from all the planning for the big day, you and your future spouse need to come to an agreement on quite a few important topics. These include having children, where you will live, how you will share holidays with in-laws and even how credit cards will be used or held. One important tip is that you should hold joint credit cards.
When one spouse of a marriage has a credit card in his or her name only, he or she is able to use it without the other spouse knowing. They might not use it for everyday items such as food, cleaning supplies or to pay bills. Instead, they might use it to make frivolous purchases. This debt can pile up fast and can cause a lot of resentment between the two spouses.
Many married couples don't realize that almost all debt acquired during a marriage will be the responsibility of both spouses, even if that debt was acquired in just one spouse's name. If that spouse chooses not to repay the debt, the other spouse will wind up being liable for it.
You and your spouse need to have financial discussions often to make sure the two of you are on the same page. Avoiding debt, specifically credit-card debt, is important to the success of your marriage and your financial well-being.
Couples can prepare for divorce without even realizing it. This is done by sharing credit card accounts instead of holding separate accounts. This ensures that one spouse isn't hiding a card from the other, incurring debt without anyone knowing.