You're about to get married and you have a huge amount of credit card debt. You don't want your future spouse to know because you assume he or she doesn't need to know as long as you can get out of it before you get married, right?
Sorry, but the answer is NO!
Money is the number one reason for divorce. This is because so many spouses create what I call financial Infidelity. I'm a big fan of keeping your finances separate for many reasons.
You don't have to check in with each other daily or worry about checks bouncing.
That's if anyone is writing checks anymore. ;)
You still have a joint account each person puts money in to.
This of course depends on you and your spouses income levels and what you agree on to cover basic expenses like utilities, mortgage, taxes and groceries.
You might want to surprise your significant other with a present you don't want them to know about!
Obviously, if you don't have any money set aside in a different account, it's going to be quite hard to surprise your spouse if they already see where the money has been spent!
If you're both putting money into a savings and a joint account, then you should be able to spend whatever is left over however you want to.
By putting money into the other accounts, you're able to spend the left over money and not feel guilty!
You see, keeping finances separate doesn't mean you have to be financially unfaithful. These are things like racking up credit card debt, paying the minimums and continuing to use the cards.
It could also be something like getting behind on another type of bill or car payment and not telling your spouse about it because you're embarrassed about it.
If you're married and your putting yourself into a situation where you're not saving anything and hoping the other spouse will over compensate for it then you know what you're doing is effecting them. I've seen so many couples over the years fighting about money and I don't want that to be you.
I don't want you to be a statistic! Marriage is a commitment and to make it work you should always be able to admit to debts before you get married or to creating credit card debt or other things like that during your marriage.
So remember- Keep your finances separate but not secret!
I hope this information will help your marriage. If so, please share and don't forget to subscribe to TheMoneyTherapist.com
Have a GREAT week!!